Larry Engineer, founder of DeFi platform dango, said on X that crypto’s window for creating generational wealth has closed, commenting on the shutdown of POAP. He argued that 99% of the sector’s assumed use cases over the past five years have failed. In his post, he said NFTs, the metaverse, DePIN, SocialFi, GameFi, and DAOs are effectively dead. He added that ENS and POAP, which he had previously viewed as among the most meaningful projects in the space, also appear to be fading.
Engineer said only two categories of use cases remain. One is what he described as gambling, including perpetual futures, meme tokens, and prediction markets. The other is stablecoin payments. He also said large Wall Street institutions have already entered the market, leaving limited room for startups.
Earlier, Foresight News reported that POAP co-founder and general manager Isabel said on X that the proof-of-attendance protocol will gradually wind down operations after running for more than five years.
Larry Engineer, founder of DeFi platform dango, said on X that crypto’s window for creating generational wealth has closed, linking that view to the POAP shutdown.
He said 99% of the use cases the industry had assumed over the past five years have failed. In the same post, he wrote that NFTs, the metaverse, DePIN, SocialFi, GameFi, and DAOs are dead. He also said ENS and POAP, which he had previously considered the most meaningful ideas in the sector, now appear to be nearing their end as well.
According to Engineer, only two use-case categories are left in crypto. One is gambling, which he said includes perpetual futures, meme tokens, and prediction markets. The other is stablecoin payments. He added that large Wall Street institutions are already in the market, leaving limited room for startups.
Foresight News had earlier reported that Isabel, POAP’s co-founder and general manager, said on X that the proof-of-attendance protocol will gradually stop operating after more than five years in business.
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