CMV: Algo will fail

Change my view that Algo is on a path to failure.

I got into Algo because it was fun, useable and the tech is very good.

I am considering selling my entire remaining stake because the foundation is blowing through money, the coin continues to inflate like crazy and none of the partnerships Algo is spending millions on have panned out.

You have probably under 1k people actually making money from Algo. This includes the foundation, algo inc, early backers and a few creators i.e. DeX founders, a few NFT artists, a few grant recipients, etc.

Algo has very few actually useful projects aside from the DeX’s that let you swap. The top game Cosmic Champs is only available on Android and still in beta and has what maybe 100 active users? We’ve seen some interesting business cases like Italy’s Rights Management but do those drive enough value?

Reddit chose MATIC for NFTs not Algo. FIFA chose Algo to dump worthless cards on. These 2 NFT programs are drastically different with one having a thriving secondary market and the other not.

Algo cannot survive without adoption but it only gets adoption from businesses when it gives them Algo grants and the community of individuals (us redditors) is too small to make a meaningful impact. Algo has made poor bets with its grants and is running out of funds. Individuals are amazing but are we enough when something like ETH already has way more adoption and working L2 tech via MATIC?