NYDIG’s Greg Cipolaro says only a handful of crypto applications are attractive to investors and that the sector needs to reevaluate its “broad ‘web3’ ambition.”
The number of crypto applications that can attract investors is starting to shrink as the industry matures, but that could be a positive to show the sector’s long-term winners, says the crypto services company NYDIG.
NYDIG research lead Greg Cipolaro said in a note on Friday that the “investable universe” of crypto is narrowing to applications or services that “extend traditional finance products onto blockchain infrastructure.”
He specifically named Bitcoin (BTC), tokenized assets, stablecoins, some decentralized finance infrastructure, and a limited number of “general-purpose” blockchains like Ethereum, adding that beyond such use cases, “the probability of large-scale blockchain applications appears lower than previously assumed.”
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