The effects are twofold. Devs looking to get rich quick inculcate a misplaced sense of belonging, self-worth, and competence despite providing no value-add either to crypto or society. And vulnerable investors fall into a money sink thanks to invigorating buzzwords. Community!
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When I hear “community” that is the first red flag
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don’t forget that most of the projects building on terra were yield aggregators for anchor
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True, many were just Anchor derivatives or Anchor-dependent
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Ain’t no real builders left on Terra. Kujira is already out and the others are leaving as we speak.
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You can say the origin dates back to the DeFi craze of 2020. That's what normalized this idea that "you can test in prod" . As you explained, everyone just went on YOLO: devs, users, VC, exchanges...
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How can you not call them builders, 1 nft mint sell out lets the creators build the house of their dreams
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I don't have much expertise. But I also know high risk, high reward. Annual return beyond imagination. No risk? ? ? ? ?
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But what if those NFTs and the community/infrastructure they are building brings value to the ecosystem and capital from other chains? How familiar are you with NFTs, let’s say on Ethereum, or Solana… I think you underestimate the impact they have on bringing new people in…
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I’d also just like to add that this is a completely opinionated post, there is no science or fact to this. The Galactic Punks mint created a DAO treasury larger than many protocols. This same DAO launched a Validator to help secure the network. Invested in new infrastructure…
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