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2022 Prediction #9: Web2 Companies’ FOMO

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Web2 companies are dominating the market nowadays. They are led by FAANG or MAMAA or GAMAM. Big Tech is what people usually refer them to as. Companies like Alphabet (Google), Amazon, Apple, Meta (Facebook), Microsoft, and Netflix. However, cryptocurrencies make them FOMO and possibly break them apart.

TL;DR

Web2 companies fear losing because Web3 will give users control of their data and choices to technology rather than forcing them to choose limited options Web2 provides.

Here is a 1 min summary of the article if you want to skip the reading.

What Is Big Tech

Big Tech companies are monopolistic companies similar to Big Oil. They dominated the market and controlled the market. They are influential and are buying up their competitors every time they can. They all started in the 1990s with massive growth in the use and adoption of the internet. People realized how easy and efficient it is to set up a business online rather than having a physical store to pay away their profits to landlords. 

Dot-com Bubble

The peak of the first wave of Big Tech was the Dot-com bubble crashed. People were hyped about the internet, and many Dot-com companies were bankrupt due to the get large or get lost mentality, which was not sustainable.    

Post-Dot-com Period

After 48% of companies survive the market crash, tech companies have rethought their business models. However, companies that survived the crash had grown out become one of the most prominent players in the market. Then Big Tech was born and continued to grow out to dominate the market.

The World With Big Tech

Big Tech has grown out of control. Facebook’s social media behavior was uncontrollable, and regulations could not restrict the companies’ behaviors to users. People seek a better alternative to having more ethical technology and respect their privacy.

Web3

One of the aspects of Web3 is to improve or replace Web2. Web2 exploited users’ privacy to gain profits unethically, and users have no control over companies and how their data will be used. Web3 will give back users control of data and make their own decisions about how their data will be shared and used.

Check out my another article here: 2022 Prediction #8: Metaverse and NFTs

Web2 Fearful

The web3 idea was to threaten Web2 profit and business opportunities. Web2 companies would want their earnings as much as possible, but Web3 will become a real challenger, unlike regulations that cannot protect each individual. So web2 companies either want to adopt Web3 or be replaced by them. 

Web2 FOMO

Meta Platforms/Facebook

Facebook immediately replaced its name with Meta, showing that the company fears losing the war. Web3 will decentralize everything, even how to profit through corporations. Web2 companies will lose their competitive advantage to Web3. So either Web2 needs to change, or it will die out.

In Conclusion

Web2 companies’ FOMO shows the promise ideas from Web3. The future corporations will give users more ability to choose their futures rather than selling their future and force them to adopt.

Stay tuned for the 2022 Prediction #10: Time for DAO 2.0


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ConstitutionDAO Launches Another Attempt To Purchase US Constitution

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ConstitutionDAO Launches Another Attempt To Purchase US Constitution


After missing out on the first attempt to buy the original printed copy of the United States Constitution, ConstitutionDAO is set to make another attempt in the coming days.

The piece of legislation will be auctioned on December 13 by Sotheby’s (an NFT marketplace)

Making Another Go For The US Constitution

Last year, the crypto community was left in a state of shock following ConstitutionDAO’s ambitious fundraising of close to $47 million to purchase the first-ever printed version of the Constitution of the United States. It, however, lost the bid to the CEO of Citadel, Ken Griffin.

The DAO platform made a $40 million bid during the auction, which is why Griffin placed $43.2 million, ultimately making him the historical document winner.

After the previous event, coupled with the experience from its first attempt, a core member of ConstitutionDAO has rebranded the platform to ConstitutionDAO2. With the new name, the platform consists of 13 decentralized autonomous organizations (DAOs), which include Juicebox, PeopleDAO, and Aztec Network.

Furthermore, early in November, Sotheby’s announced the new auction date to sell the last printed version of the US Constitution to private entities. The scheduled date is December 13.

According to the DAO2 platform, it would develop a private multisig to hide its fundraising move, unlike before. Donors can choose whether to donate publicly through Juicebox or other private networks.

Should ConstitutionDAO2 win the latest auction, all participating donors will earn voting rights and have a say on how the Constitution is used. Meanwhile, if the DAO loses the auction again, it will return the donors’ funds for reimbursement over a specified period.

Has ConstitutionDAO Served its Purpose?

ConstitutionDAO, also known as PEOPLE, has divided opinions in the crypto industry. Many see it as a failed project.

For some, it is a digital asset that will never die, even if the purpose for which it was established is long gone. However, the PEOPLE is relevant in the crypto space considering its latest move to purchase the printed official document of the United States.

It was founded in November 2021, following the auction house Sotheby’s move to auction off the first printed copy of the US Constitution. Since 1787, there have only been 13 original copies of the historical legislative document.

After losing the last auction, the DAO fizzled out but made a shocking comeback in January 2022. Time will tell whether the PEOPLE will fizzle out after the next auction or if it will remain relevant.


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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms

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UK Extends Crypto Tax Break for Investment Managers in Financial Reforms



In a package of financial services reforms unveiled today, setting out how to replace European Union banking and financial-market laws, the Treasury said it would extend an existing tax break, which allows investors to use a U.K.-based manager without drawing extra tax liability, to the crypto sector. The change will be made via regulations this year.



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Turkey has an obsession with crypto — specifically Dogecoin: Study

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Turkey has an obsession with crypto — specifically Dogecoin: Study



The crypto market slump doesn’t mean interest in crypto is also down. A new study from the cryptocurrency education platform CryptoManiaks revealed that many countries are still scouring the internet, hungry for crypto-related information.

According to the study, the Netherlands and Turkey take the top two spots, with 8.2% and 5.5% of the population, respectively, searching for crypto-related terms. Turkey particularly accounted for 4.7 million searches, leading the searches with sheer numbers.

The study analyzed the combined number of searches for a select set of popular cryptocurrencies into a percentage of the population for each country in order to calculate the percentage of locals searching each month.

While it was in second for overall searches, Turkey came in first place for searches related to the memecoin Dogecoin (DOGE), with 812,000 monthly searches. This is nearly double that of Ethereum (ETH), the country’s third most searched crypto.

A spokesperson from CryptoManiaks commented on the DOGE curiosity, particularly over the last 12 month:

“Dogecoin’s popularity has surpassed that of Ethereum in a significant number of countries, with nearly 2 million more monthly searches worldwide for the coin.”

The cryptocurrency DOGE has remained a popular digital asset and crypto cultural phenomenon after it was adopted as the poster crypto for internet icon Elon Musk.

Some of the cryptocurrencies included in the search terms were Bitcoin (BTC), Solana (SOL), and Binance Coin (BNB), among others. 

Following the Netherlands and Turkey in the ranks were Germany, Canda and the Czech Republic.

Related: DeFi sparks new investments despite turbulent market: Finance Redefined

While the United States and the United Kingdom are major players in the global cryptocurrency industry, neither ranked in the top spots due to the number of searches equivalent to their population sizes. The U.S. ranked 15th with 1.9% of the population searching for these terms, while the U.K. takes the 12th spot with 2.6%.

Recent research from Cointelegraph also revealed that despite market conditions, major institutions still remain interested in the industry and continue to pour millions into crypto-related projects.



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