‘Web 3 will remain a hit despite the downturn in the crypto market’

Crypto Market: The downturn in the cryptocurrency market does not seem to be over yet. For the past few days, almost all popular tokens, including bitcoin, have continued to decline. These include big coins like bitcoin and ether to small coins which are constantly struggling to grow in value.

Meanwhile, a hopeful statement has come from the co-founder of Polygon, in which he has said that Web 3 will emerge in a big way in the times to come. This crypto giant believes that the future of Web 3 is going to be bright. However, market experts are now saying that this period of recession in the crypto market is going on, it is going to be long and it may take more than a year for the market to recover from it.

'Web 3 will remain a hit despite the downturn in the crypto market'

Polygon co-founder Sandeep Nailwal made an important comment about the future of Web 3 in a recent tweet. He said that even though there is turmoil in the market at the moment, it will rise again after some time.

He wrote in his tweet, “Web 3 is going to be very high for the long term, so those who are new keep learning, and those who are building keep making more.”

Nailwal said that the bearish phase in the market can go on for a long time. However, he also said that if the US Federal Reserve is successful in controlling this uncertainty in the market, then this slowdown in the market can be braked. Several venture capital funds have also raised funds in the recent past.

Nailwal believes that these venture capitalists will continue to enter the thesis-based venture capital market even though they will be careful in choosing their bets and have very low acceptable valuations. He also added that most of these VCs will try their hand at the liquid market as well.

Speculating about the market, the co-founder of Polygon said that gradually the market will fall to its lowest level and then stop. In such a situation, inflation will be at its peak in the next 3 to 6 months. After that slowly things will start returning to normal.

The impact of the coming recession in the cryptocurrency market has started showing on the crypto firms as well. Many crypto firms have started to reduce the cost of operation. American crypto firm Coinbase has announced to cut its workforce. It is estimated that about 1000 employees may be laid off from the company. The company has sent this information to the employees through email.

Sunil Kumar writes about smartphones and laptops for Gadgets 360 Tech News based out of Mumbai. He is Deputy Editor (Reviews) at Gadgets 360 Tech News. He has written frequently about the smartphone and PC industry and has an interest in photography as well.

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