This goes all the way back to '98, when the original slew of start-ups gobbled up investments only to flop a few years later. Web2.0 had its own bubble burst starting in 2008, taking down a host of the early social media ecosystems (MySpace, Yahoo, and Geocities, most famously). Huge upfront investments with the promise of explosive ROI that took far longer to materialize (or simply never did).
A great deal of the valuation in these firms was built on lies and bullshit - misreported user activity, overly optimistic monetization estimates, and outright accounting fraud.
2020 gave us what looked like was going to be a third Crypto bust wave (FTX being the big industry leader leading the charge). But the pivot to AI appears to have bailed a lot of the bigger investors out. We’ll see how long that lasts.
I mean, this is one of the central pitches behind Web3.0/Crypto. Everything has a digital tag and its all going to be portable between platforms.
Did it come to fruition? No, of course not. Its all a pile of scams. But then so was Web2.0 and Web1.0 during their heydays.
Web 1 and 2 were a pile of scams? Wthdym
https://en.wikipedia.org/wiki/Dot-com_bubble
This goes all the way back to '98, when the original slew of start-ups gobbled up investments only to flop a few years later. Web2.0 had its own bubble burst starting in 2008, taking down a host of the early social media ecosystems (MySpace, Yahoo, and Geocities, most famously). Huge upfront investments with the promise of explosive ROI that took far longer to materialize (or simply never did).
A great deal of the valuation in these firms was built on lies and bullshit - misreported user activity, overly optimistic monetization estimates, and outright accounting fraud.
2020 gave us what looked like was going to be a third Crypto bust wave (FTX being the big industry leader leading the charge). But the pivot to AI appears to have bailed a lot of the bigger investors out. We’ll see how long that lasts.