If Vitalik Buterin were to launch Ethereum today, he might find it challenging to raise the necessary funds due to a significant shift in the crypto landscape. The focus has moved from fostering innovation to prioritizing influencer-driven marketing. Despite more than a decade of efforts to develop alternatives to centralized systems, widespread adoption of crypto continues to lag, with marketers promoting future growth while substantial progress remains elusive.
The landscape of crypto investment has evolved, now resembling the influencer-centric strategies seen in the so-called Web2 era. Success for creators and project initiators depends increasingly on developing a large following. This transformation has made it difficult for new technical founders to distinguish themselves in a crowded field.
Crypto markets now emphasize social media engagement and fleeting gains over a robust engineering foundation. Marketing has become heavily prioritized, overshadowing the earlier emphasis on product development. Projects like Berachain exemplify this trend, having leveraged effective marketing despite limited general awareness about their offerings.
Back in 2014, the crypto community was predominantly focused on Bitcoin, with a strong ethos driven by cyberpunks advocating financial access, privacy, and permissionless systems. Projects succeeded by proving engineering prowess and generating community support, often encapsulated in comprehensive white papers and funded via initial coin offerings.
Today’s projects, in contrast, frequently attract so-called communities motivated by potential airdrops rather than long-term engagement. The absence of in-depth due diligence—a trend exemplified by the rarity of white papers accompanying new launches—reflects a broader shift toward evaluating projects based on social media metrics and potential short-term gains.
This focus on short-termism and speculative ventures detracts from the original values of decentralization and sustainability. The shift towards mass marketing aimed solely at existing crypto enthusiasts excludes broader audiences who might benefit from genuine use-case solutions. Consequently, crypto remains stuck in a cycle of insular marketing practices and engagement-based valuations that hinder mainstream acceptance and growth.
In summary, the challenges that Vitalik Buterin would face today in launching Ethereum highlight a broader issue within the industry: the need to refocus on creating products that address real-world needs and fostering a sustainable market rather than perpetuating a cycle of speculative hype.
