Tara luna has seen an almost 100 sell off going from an all time, high of 119.18 only a month ago to trading for just 52 cents. At the time of writing. The massive sell off has caused extreme fear. Confusion and panic across the broader cryptocurrency market bitcoin is currently trading in the 28 thousand dollar range, while ethereum is trading at around 2000. for many new adopters who have not experienced such a quick shift in market conditions, this appears to be a surreal experience. Many pundits thought leaders and prominent voices in the crypto space have always compared the cryptocurrency market to the early days of the internet. In the early days of the internet, there were many overly priced speculative companies that didnt provide much utility to the market. At the end of the day, the oversaturation of the internet companies during the dot com boom created much more losers than winners. During that period, many promising companies went to zero and many prominent voices in the crypto space who lived through that experience have repeatedly expressed that this will be no different mark cuban, who considers himself one of the lucky ones to make it out of the dot com Boom with a fortune took to twitter to stress that the cryptocurrency market is experiencing the same low as the early days of the internet, cuban tweeted out crypto is going through the lull that the internet went through after the initial surge of exciting apps nfts defy p2e.

We saw the imitation phase as chains subsidized, the movement of those apps to their chains, allo bandwidth and storage subsidies by startups. In the 2000s, cuban became a billionaire by the age of 41 by successfully performing two well timed exits in a relatively short period of time. On top of being a very profitable stock picker during the dot com boom cubans, most notable exit came when he sold his broadcast.com to yahoo for a reported 5.7 billion dollars and then hedged his yahoo stocks during a holding period. Yahoos stock at the time was skyrocketing, but ultimately came crashing down and shortly after broadcast.com folded. This is to say cuban has experienced seeing drastic and quick downturns. Cuban has expressed that there are too many tokens attempting to solve the same problem, hes notable for quoting warren buffett. By saying, first, there are the innovators. Then there are the imitators. Then there are the idiots cuban offered a solution to the copycat tokens by tweeting out. What we have not seen is the use of smart contracts to improve business productivity and profitability that will have to be the next driver when business can use smart contracts to gain a competitive edge, they will the chains that realize this will survive. Cuban has expressed that outside of his shark tank deals, hes almost exclusively investing in crypto with a sizeable part of his portfolio going towards smart contracts and nfts nfts have exploded in popularity over the past few years, with creators like beeple and nba topshot selling nfts.

For millions of dollars, but recent nft sales have plummeted as more creators flooded the marketplace. The average daily transaction volume on openc, the largest nft marketplace, was down more than 55 from january 2022 to march of 2022. According to crypto data tracking platform, dune analytics cubans, final tweet addressed this issue: cuban tweeted out the chains that copy what everyone else has will fail. We dont need nfts or defy on every chain. We dont need bridges to move nfts between chains. Does this make it fungible? We need smart contract apps replacing sas apps in an interview with fortune.com cuban stated that there will be a consolidation period. There will be blockchains that, rather than die, get acquired or merge. The charts are showing a full on bloodbath in the crypto market. Some experts and analysts are saying that we have hit capitulation and from here we can see bullish action, while these projections might be true. The reality is is that tara luna erased billions in market capitalization. Essentially overnight, this has shaken up the morale of the market and even if youre, not a luna holder, this might be the first of many deaths, acquisitions and mergers that we see during this period.