Are Crypto and NFT now toxic terms?

I came across an article thanks to Lox at Namepros on how Web3 should rebrand. At Decrypt.co they wrote this piece on how terms like Crypto and NFT are now toxic and possibly should be rebranded by companies in those industries.

These are the kinds of things when you have a bear market after a fast paced bull market. I think their are a few things going on that need more time to flush out.

First the masses still don’t get crypto or NFTs. Secondly we are very early in the game and there could be many boom and busts over the next decade.

The article has quotes from a few that touch on the solving the problems of the masses point.

Dickon Laws, global head of innovation services at advertising agency Ogilvy wrote:

Nobody has made Web3 relevant or accessible for the masses, or really spent the time trying to understand how it solves ‘mass’ market problems or improves consumers’ lives,” he said.

Laws said that the crypto “gold rush” of the last few years didn’t take off with the masses because it failed to address problems that “your neighbors, family and friends, gym buddies, people you meet on a dog walk can understand and relate to.”

That’s true, when I speak to friends who are florists, dance teachers, construction workers, etc… they have no idea, and really no interest.

Alexandre Tsydenkov, founder of the NFT Paris conference was quoted as saying, “Everyone says ‘digital collectible’ works” Are they I don’t know, I hear some say digital collectibles sure. But not as often as I hear NFTs. Even Alexander went on to say, “Is it a better branding than NFT? I don’t know.”

Now like I said this article came to my attention from Lox at Namepros. So there were some commenters over there. @DomainBarracksRob is well versed in all things Web3 and he made some good counterpoints to the article.

He wrote:

As someone in Web3 this is a bunch of Bullshit!

Anytime you have volatile markets this crap will happen.

Stocks are not scams, but there have been PLENTY of scams over the decades with fake pinklist otc , shady individuals creating fake companies to sell to others . Scamemrs will scam in any industry.

Granite, yes I’ve heard both arguments of this notion, but will say most of it comes from people on linkedin which is less “degen” in nature, true degens or on multiple platforms ..this article is trying to feed the marketing beast!….Yes some people are calling to change terms they don’t like…the community that’s built it….isn’t going to stop calling Non-Fungible- Tokens – ..NFTs lol

WEB3, DEFI and NFTs are far from dead! NFT Twitter is ALIVE and active and BUILDING 24/7…anyone who’s never been in a DISCORD channel , bought crypto, operated a digital wallet or lacks the know how …shouldn’t be able to speak on web3…..this isn’t me going after you, you just sharing an article and I’m saying it’s mad to create more FUD in the space…

New Web3 company brands and continue to pop up and will…..

As for the Blockchain thing ……LOL Blockchain is alive and well and folks still love it,…as for the name change to RIOT Platforms ….that makes since….why would anyone want to compete with BLOCKCHAIN.com LOL ….whom rebrand there new custodial wallet to “DeFi Wallet” this past week.

The article continues on about how some projects like National Geographic, abandoned their NFT plans. The criticism on social media caused them to abort.

While others are moving ahead unswayed by the current sentiment.

The article even critiqued use of the word blockchain which I don’t think is going anywhere, but I could be wrong.

If you are registering and developing names in these niches I think the article is worth a read no matter how you feel.