Web3 mulls crypto-term rebranding for Mainstream Appeal in 2024
Companies involved in blockchain and cryptocurrencies are thinking about changing the names of concepts like crypto, NFT, blockchain, Web3. Web3, Blockchain and NFT Projects are urging to Stop Calling it Crypto as it has become “Old school."Big companies are abandoning terms like NFTs and Web3, partly due to the bad name and bear market. Words and names have had huge importance in commerce and the economy since the inception of the crypto market. There was a time when companies used to add the “blockchain” word to their names and would see their valuations skyrocket. But now these terms have turned into toxic words, and people are trying to distance themselves from them. If you are looking for NFTs on social media, you will have to search for “digital collectibles” instead of NFTs; otherwise, you might never find one.Brynly Llyr, head of blockchain and digital assets of the World Economic Forum, recently suggested that the crypto market should renounce old names. And instead, rebrand itself as “decentralized systems.” If you think about it, it’s not that bad of an idea at all, as these terms and jargon have turned into a safe haven for all the digital pirates. A big Bitcoin mining company, known as Riot Blockchain, has recently rebranded itself and is now called Riot Platforms. Sounds funny, right?
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