Opinion by: James Newman, chief corporate affairs officer at Chiliz
The perception of blockchain, especially for those outside the industry, has often been driven primarily by stories of extreme volatility, bad actors and speculation.
In past months, the industry has been dominated by the narratives around the rise and subsequent fall of memecoins like HAWK, Fartcoin and LIBRA. Rewind to 2021, and lacking a genuine use case, the massive hype around non-fungible tokens (NFTs) failed to translate to long-term success, with the average NFT project today having a lifespan 2.5 times shorter than the average crypto project.
For many, however, the appeal of these assets lies in their volatility, turning a few dollars into a fortune overnight. While NFTs and memecoins are undeniably part of Web3 culture, what sustains projects, keeps users engaged, and drives the industry forward is not volatility but providing genuine solutions to real-world problems. Ultimately, it’s about utility.
Utility drives