Actions speak louder than think pieces. So these recent actions by Tesla and Mojang are just one of many signs of the great implosion of crypto/NFTs/Web3/etc.
First off, Minecraft developer Mojang won’t allow NFTs in the game and second, Tesla just did a big crypto sell-off.
I especially liked what Mojang had to say. Essentially NFTs are anathema to the experience that they try and provide with Minecraft. They put their finger on what is wrong with all of that technology. Good for them.
As for Tesla, they were huge proponents for cryptocurrency until recently. For them to dump most of their holdings is a sign — among many signs out there — that crypto winter has set in and will likely stay that way for some time to come.
Thanks to The Verge for both of those pieces.
While all the hype might make you think that Bitcoin is the only cryptocurrency, there are a number of alternatives out there and this piece in Fortune outlines what they are: 5 Bitcoin Rivals That Are Rapidly on the Rise.
While this piece lists a handful, I expect that there will be a flood of such things in the future as financial markets look to capitalize on this mixture of money and technology.
The Fortune piece is also not bad in summarizing some key facts about Bitcoin if you still find it hard to get your head around it.
I expect Bitcoin to crash to a much lower level, but I don’t see cryptocurrencies going away. Knowing more about them, especially because they could have a major impact on global economies, is worthwhile.
IBM (my employer) has a great page that will get you up to speed on Blockchain. If you are interested in Bitcoin, crytocurrency, or just hot areas in IT, then you want to visit: What is blockchain? – IBM Blockchain