These moments have led to lots of well-deserved mockery, especially amid the ongoing crypto winter, but they reveal a key failing that’s common among most of Web3’s prominent backers. After years of obsessing over consumer needs, Silicon Valley seems to have forgotten the crucial test that helped it become a dominant economic force. Instead, as McCormick acknowledged in a follow-up blog post, Web3 companies have generally treated user needs as a secondary concern, if they’re a concern at all. Instead they’ve focused first on what he called “financialization”—that is, attracting money and attention to the projects by building crypto tokens into them.
‘Enforcement 40’ for 2020
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