I have been echoing for the past 3 months that 'narratives' do not matter, especially in this bull market, and I will admit that I have not been (completely) correct. Narratives do matter, and they are shaping this bull run. However, I argue that the narrative around 'utility' does not matter and the crypto market supports my claim.
Most crypto enthusiasts have been the notion or narrative that crypto will be utilized in a way that will benefit humanity and that the projects with the most utility will eventually become household names. This is true in the long run; however, in the short/middle term, the market is moving in a different direction and has been hijacked by players from TradFi
So, what narrative matters? Well, from my observation, most blockchains and projects prioritise visibility and market share. These are the two things the market responds to, and this is because the major players in the space are from TradFi and this is the language they understand. So it would be counterintuitive to go against the market, especially if you want to be in the crypto space for the long run and develop products and services that have real-life significance.
The crypto space is overrun by grifters and big corporations looking to make a profit and dominate the space. I don't see this changing anytime soon. The good thing about this battle for dominance is that it gives early adopters time to make the most money.
"But Nonso, I am not here for the money."
Well, you should be. You need the money to acquire the tech you need to create a decentralized world; you need the money to lobby and play the politics around crypto and the world in general; you need the money to guarantee your financial freedom and other liberties. You need the money, and it is here.
In a space the other day, someone joked about the insane amount of liquidity coming into the crypto space, and I do agree. There is a lot of money coming into the space, and a lot more will be pumped into the space in the coming months. Like I said earlier, the narrative around this bull market is dominance, and if there is anything I understand about monopoly, big corporations are willing to lose in the short term to monopolize any industry.
So as an early adopter, it should be your priority to make the best out of this window. It is not just a selfish thing but also a means to preserve this space because if I am being honest, we are losing the battle. These big corporations are buying us off; they own the infrastructure that runs most of the blockchains. So there are just two possible outcomes: either I make a lot of money and lose the race to decentralize the financial sector, or I make a lot and invest in the blockchains that still believe in decentralization.
That's all I have for you guys today. Cheers!
