Crypto Rout Deflates Some Web3 Startups Buoyed by Push Into Digital Tokens
— Assets, Push, Deflates, Web3, Tokens, Companies, Buoyed, Virtual, Web3allowed, Downturn — 1 min read
Cryptocurrency rout has spread to startups that offer users digital tokens. The companies’ growth was hinged on interest from people eager to wade into blockchain-based assets. The broader cryptocurrency downturn this year is causing a downturn in users in many Web3 companies. Players and investors are re-evaluating the utility of token-based business models, analysts say. The market is pushing down digital asset prices and driving away hordes of users, according to the analysts. In the past, Web3 allowed users to play virtual games and collect digital assets, and the companies' growth had been hinging on people eager for interest from those who wanted to waded into the market. It's unclear how the market will react to the downturn. Source