[🐯Opinion] Where in the tunnel ?

Over the past month, I've had the opportunity to engage with over a hundred professionals from the Web 3.0 space across a series of events in Tokyo, Seoul, Amsterdam, Frankfurt, Dublin, and Hanoi. The demanding schedule felt overwhelming at times, with airports seemingly becoming my second home. Reflecting on this journey, I'd like to share a few observations.

(1) Optimism persists (at least for few). While the 'crypto bear market' has been dragging on for almost two years, faith in another crypto boom persists amongst some. The skeptics, disillusioned, have retreated to their previous fields, while others who ventured into Web 3.0 fresh from graduation are now questioning its long-term viability. Still, those who chose to stay are the ones who deeply believe in the potential of blockchain technology to revolutionize the world and foresee a resurgence in Web 3.0.

(2) Navigating regulatory and tax landscapes. Countries like France, the UK, Lithuania, Luxembourg, Dubai, and Singapore are emerging as desirable havens for Web 3.0 companies looking to escape stringent U.S. regulations. There's also talk of the British Virgin Islands and the Cayman Islands, but these locales are often favored more as domiciles for paper companies rather than hubs for actual workforce engagement and industrial growth.

(3) The quest for a resilient model. By 2022, many previously successful models such as Play-to-Earn, NFTs, and DeFi ceased to be effective, sparking an urgent search for more stable and sustainable alternatives. While trends in traditional sectors rarely have a lifespan shorter than six months, the Web 3.0 space defies this norm. Gaming, NFTs, and decentralized financial services that were booming between 2020 and 2022 now barely manage to retain 10% of their former Total Value Locked (TVL). This has caused even strong web 3 believers to turn skeptics, uttering phrases like "XXX is Dead". While this may signal a normalization of inherently flawed models, the toll it takes on those who entered the field lured by these trends is disappointing.

(4) Acknowledging who are Web 3 users today. Except in a few nations where crypto enjoys country-level recognition, like in certain African and Central American countries, most participants in Web 3.0 are essentially investors — many with a distinct lean towards short-term trading. When the market thrives, they fuel a FOMO-induced frenzy; when it cools, they pull out in a flurry, creating a tide of FUD. This isn't an issue of whats right or wrong, but a candid reflection of market dynamics that we must acknowledge.

Predicting whether we're at the beginning, middle, or end of the crypto bear market is a fool's errand. What's clear though, is that many people, especially those who are genuinely committed to the field and still believe in its philosophical value, are increasingly worn out. Regulations are getting tougher in developed countries, once successful strategies are now obsolete, and my friends seem to be further confused about what I do for a living.

Rather than spouting clichéd advice about staying focused and building during these times, I just want to say: let's hang in there. Let's believe that there's light at the end of the tunnel, and keep moving forward together.