this post was submitted on 15 Jun 2023
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A crypto coin is only worth as much as the hype surrounding it, so the people holding a lot of crypto needed something beyond "you can use this to buy drugs on the internet" to generate hype.
It turns out that more than a few people investing in tech don't really understand what they invest in, but are highly susceptible to FOMO so any tech company wanting a quick cash injection put together a blockchain/nft/play-to-earn/web3 pitch.