Opinion: I Can’t Wait Until We as a Collective Move on From Memecoins

Memecoins hurt the credibility of the entire industry. Money should be flowing into funding projects and teams that actually provide a business or utility. Instead people are throwing money at memes that do nothing because “coin goes up”.

People need to realize that there are tons of underfunded projects out there in the ecosystem and most die because of lack of liquidity cause their token gains no traction in the market.

The crypto model is basically an alternative to VC funding and a more equitable alternative to crowdfunding.

Sure there a small percentage of VC backed projects in the space but for the core believers of what crypto stands for, do we really want VC backed projects to dominate Web-3 like they’ve dominated Web-1 and 2?

We gotta do a better job of utilizing our funds to back actual projects. There’s a reason why till this day there really aren’t many actual businesses built off of crypto layer-1s that have actual traction. I’m not talking about just price action I mean usage and company metrics that you would be looking at when analyzing a traditional company.

The reason why the VC model works so well is because the investors and general partners in that space focus on the actual business rather than valuations. We need to do the same.

If the future is truly decentralized then we as a collective need to realize that we are essentially the VCs of Web-3. We have the opportunity to decide what the future of Web-3 will look like. That’s a huge responsibility, and memecoins that provide zero utility and are 100% just pump and dumps are just distractions that have zero business being apart of that future.