Unicoin exec explains why projects fail — Blockchain Futurist Conference
Release: 2024/08/14 03:09 Reading: 609
Unicoin's Alex Dominguez on the Challenges Facing Crypto Projects
Unicoin's chief investment officer, Alex Dominguez, recently shared his insights on the prevalent issues plaguing new crypto projects in an interview with Cointelegraph at the Blockchain Futurist Conference.
Dominguez highlighted that Unicoin aims to address the high failure rate in the industry. He cited an example of a concerning trend affecting many projects:
"Even on Binance, all 30 of the most recently listed coins have failed. This is the world's largest exchange, and a significant reason for these failures is that they lack the necessary support."
Dominguez emphasized that most crypto projects lack sustainable profitability models and robust marketing strategies. He noted that these projects often attract substantial venture capital that is subsequently depleted without tangible progress in development.
To address these challenges, Unicoin offers pre-initial public investment opportunities globally. The company's show, "Unicorn Hunters," showcases startups for potential investment, with the notable exception of U.S. residents, who must be accredited investors to participate.
Similarities to the Stock Market
Dominguez likened crypto to the stock market, suggesting that Web3 projects should follow a similar formula to publicly traded companies to achieve viability:
"Profitability, a solid business plan, and self-sufficiency are essential. Venture capital alone cannot sustain projects long-term."
The rise of memecoins serves as an example of Dominguez's concerns. These tokens often lack real-world utility, underlying use cases, or sustainable business plans.
While some meme tokens have gained traction, such as Dogecoin (DOGE) and Shiba Inu (SHIB), the majority have experienced significant declines due to a lack of long-term viability and business planning.
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