Why Do Most Crypto Projects Fail in the Huge Competitive Blockchain Market?

Source: Capital.com

Why Crypto Projects Fail?

There are several reasons why cryptocurrency projects fail. Let’s discuss some of these:

  • Abandonment: Often, cryptocurrency platforms are launched with much fanfare and promotions but are abandoned midway by the founders who move on to the next project or don’t have enough funds to meet further objectives and scale the platform.
  • Lack of a concrete business plan: There is a coin named $STOPELON that was designed to protest against Elon Musk’s tweets’ influence on the cryptocurrency market. How the platform intended to do so was never known, though. Similar to this analogy, many such coins continue being launched in the cryptocurrency and blockchain markets with no solid plan or use case. At times, these coins are mere copies of other established coins.

Lack of a Strong Community and Capital Funding: The Biggest Reasons Crypto Projects Fail

“We work in an open-source ecosystem, so you have to listen to users and build on an ethos that people can rally around. Often projects fail not because their technology doesn’t work, but because they haven’t galvanized a community that cares about their mission.”

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