However, for each of these companies, I've seen many (if not more) companies using cryptocurrency, trying their best to do it without telling the truth. The two companies are said to be building the future of social media. Just take a look at their websites and both have offered cryptocurrency-based incentives to their users, but neither has opted to use cryptocurrency or blockchain technology as a selling point.
One of them, Ascend, distributed leaflets throughout the city. They have made big promises that may go unfulfilled like “no disinformation” (who defines what counts as disinformation?). Some of these promises are fundamentally contradictory, such as "no toxicity," "no hate speech," and "no centralized censorship." It's unclear how the company will reconcile many of these competing priorities, but according to its website, the solution will somehow involve earning "Ascend Credits", which simply appear as a cryptocurrency on a chart.
Another company, Arkive, is launching a DAO in 2022 with the goal of creating a community of contributors who will use NFTs and blockchain to create a networked museum rather than a central organization. The group met at SXSW 2023 and also discussed decentralizing the arts, but downplaying DAOs and cryptocurrencies. Even the coverage of Arkive's presence at SXSW 2023 barely mentions cryptocurrencies.
In some cases, it is unclear whether companies have decided to disclose their crypto plans. Even the exhibition booths of companies that are well-known for their work in the field of cryptocurrencies do not hesitate to use keywords that are closely related to them. Sandbox Screens, which shares a small booth with other developers in the space, proudly showcases the game's "metauniverse" and occasionally references its "Web3" platform. But most games built around blockchain NFTs are a bit obfuscated.
I've started calling it dynamic crypto obfuscation internally. Not that any of these companies will refuse to recognize it as a cryptocurrency. When asked, many enthusiastically discussed their vision of a blockchain-based future. But they seemed to act as if attracting unwarranted attention was a bit rude. The worst? Active means of prevention.
Cryptocurrencies are often compared to the early Internet, where the technology was exciting but not ready for the norm. Yet, despite the disillusioned early days of the Internet, companies never gave up on saying they were building a product "on the web" or "online."
I will openly admit that I am highly skeptical of cryptocurrencies even in 2022. There is already enough evidence of deception, fraud, misinformation, and deception to keep anyone interested in blockchain for at least the next decade. But I felt compelled to remain silent. At a crypto-themed party that year, a friend shouted quite loudly, “ NFT Bitch!!
This year I feel my skepticism has become commonplace, or at least common enough to be expressed openly. Nearly everyone I spoke to, even some with an opinion on cryptocurrencies, seemed eager to raise their concerns. Most of them don't think about technology at all. Also, creative artificial intelligence is much more interesting to discuss.
I doubt this means cryptocurrencies are dead or dying. The technology has existed in one form or another for more than a decade, and public interest has been growing. However, his low attendance at SXSW shows that his fans learned an important lesson last year: The best way to spread the word about cryptocurrencies outside of the tech bubble is to hope that you can get people to ignore the blockchain behind them.