Recently in Dubai, many people asked me a question:
Did the influx of talent from universities into the cryptocurrency space reduce opportunities for ordinary people?
I believe this is just the beginning of true prosperity in the blockchain industry, and we can draw inspiration from the development of the Internet.
In 1995, China saw the emergence of the first batch of Internet pioneers, such as Zhang Shuxin, Tian Suning, and Jack Ma. At that time, similar to now with web3, having a good “concept” or “narrative” could attract funding and traffic. However, in the end, they all struggled to find a profitable model and could not effectively combine the technology of the Internet with the demands of real life.
“We knew we would make money after 2000, but we didn’t know what to do now.”
So said the Internet pioneers at the time.
Confusion is always a necessary path for any emerging industry.
However, what came after 2000 was not spring, but winter. In April, the NASDAQ stock market in the United States ended its soaring state and suddenly plummeted, evaporating $8.5 trillion in market value within six months. Almost all Internet companies faced severe setbacks, entering a “valley of disillusionment.”
Regarding this period of history, Wu Xiaobo said: “The Internet economy once brutally and thoroughly disrupted the past models of company development and wealth accumulation. Yet, a decade after its arrival, eternal business laws cruelly and plainly informed all who aspired to succeed that, just like every past story, all growth must endure trials and tribulations. The future brilliance will prove that crisis is the best teacher, and all suffering is worthwhile.”
No matter how new the technology or how great the concept, all must adhere to business laws; this is the natural order.
The bursting of the bubble is a wake-up call, a cold splash of water that forces those with genuine faith in the Internet to rethink its value and application, and to set out anew.
In 2003, after more than two years of dormancy, the Internet returned to a boom era. Sina, Sohu, Baidu, and Alibaba finally found profitable models through exploration, marking the true advent of the Internet age.
After that, university talents flooded in, and their arrival allowed Internet applications to truly permeate every detail of people’s lives, developing countless products and applications, ushering in an era of “equal opportunities.”
The previous discourse power was held by a few intellectuals, and the emergence of forums and social media platforms enabled everyone to voice their opinions, leading to the rise of KOLs;
Previous media workers needed professional training, and stars were products of capital. The transformation that made images and videos easier to create allowed everyone to become a creator, giving rise to internet celebrities.
……
These are all results of the influx of talent.
The blockchain industry must also undergo such a process: astonishing wealth stories, a steady stream of prospectors, repetitive hope and disillusionment, rebirth and breakthroughs after dormancy, an influx of talent, and the industry fully exploding into all aspects of life, giving everyone a chance!
Fear of the unknown is human nature. But let us not forget, creating a better future is both our nature and commonality. Therefore, do not fear talent; they come to make the future of blockchain more real and attainable.
So, what can we do now?
Japanese management scholar Kenichi Ohmae, while examining the economic development of China during the reform and opening-up period, observed that due to the restless environment, Chinese entrepreneurs at that time were unable to seriously, patiently, and willingly endure loneliness to develop a product. He proposed, “Focus is the only way to make money. Enter an industry, specialize, and then globalize; this is the only way to profit.”
In our web3 language, it means: Build!
We focus on building this industry, and by growing together, we can share in the prosperity; greatness is forged through perseverance, and this is an unchanging law.