đ 50 Million Tokens Later: Is Crypto Innovation or Just Mass Delusion?
Yes, you read that right: there are now more than 50 million unique crypto tokens in circulation.
And unless we take a step back, itâs easy to get lost in this ever-growing ocean of digital assets.
Letâs break it down
1. Creating a token is now easier than ever
In the early days of crypto, building a token required strong dev skills and weeks of work.Now? You can create and deploy a token in under 10 minutes using no-code tools.Platforms like Pinksale or Pump fun let users launch tokens without writing a single line of code. AI tools are being used to auto-generate token names, logos, and even smart contracts making mass production of tokens nearly effortless.
2. Hype culture is stronger than product culture
Todayâs crypto culture rewards attention more than innovation. Many teams launch tokens just to ride a wave of buzz, not because theyâre solving real problems.Remember the surge of dog-themed tokens after Dogecoin went viral? Projects like Shiba Inu and Floki Inu popped up overnight some with no clear utility. In 2023, airdrop farming led to token launches with inflated valuations but no product. Many of them disappeared just months later.
3. Lack of regulations = Wild West
Crypto is still unregulated in many regions. That means anyone with any motive can launch a token without checks or accountability.In some jurisdictions, there are no rules against launching tokens that resemble existing ones leading to clones, scams, and brand confusion.Rug pulls like the infamous Squid Game Token (which vanished with millions) show what can happen when thereâs no oversight.
#Web3 #DYOR #CryptoScams
