Keyhole to the Rabbit Hole

The discovery of crypto technologies, ethos, and values are often compared with a fall down the rabbit hole. News headlines, catchphrases, and buzzwords have elevated the crypto and NFT environment to a so-called promised land. Media stories of overnight successes and disproportionate gains have led to a virtual gold rush, establishing false promises and unrealistic expectations.

This once welcoming environment is changing, making it difficult for newcomers to navigate a space that is now filled with noise, distractions, traps, scams, and fraud. The influx of new people and capital naturally attracted hoards of bad actors, including venture capitalists, celebrities, and influencers turned opportunists.

In this environment, many genuine communities have started protecting themselves and demanding newcomers prove themselves if they are adding value or extracting it. The time of open doors and rolled-out red carpets seems over, at least for now.