From the Wilderness to Universality: Reflections of Web3 Entrepreneurs on 2024 and Outlook for 2025

The year 2024 is an extraordinary one for the crypto world, witnessing the transformation of crypto assets from niche subcultural products to a universally valued asset class. This shift is driven by two landmark events: the approval of the Bitcoin spot ETF on January 10, 2024, and the election of a cryptocurrency-friendly individual as President of the United States on November 6, 2024. These two events propelled the price of Bitcoin from the $30,000 range to $60,000, and then from $60,000 to $100,000.

Compared to the bull market in 2021, the liquidity of funds in the bull market of 2024 has undergone a qualitative change. In 2021, funds were primarily attracted by the de-regulatory attributes of crypto assets, while in 2024, the universal value of cryptocurrencies is driven by political influence. This change has weakened the speculative nature of crypto assets, and the value support is more robust.

This transformation has not only impacted the upper echelons but has also brought about a positive change in the mindset of ordinary practitioners. The improvement in the industry's image has reduced barriers to talent influx and cross-industry collaboration, laying a solid foundation for future development.

Looking ahead to 2025, we may see more positive discussions about the value of Bitcoin as a store of value, including progress on national-level Bitcoin reserve legislation, relevant statements from political figures, and changes in the allocation of Bitcoin on the balance sheets of publicly traded companies.

With the improvement of the global regulatory framework, the Web3 industry is transitioning from chaos to order. Particularly in the United States, the new government's tendency towards deregulation may bring a more relaxed and inclusive regulatory environment, which will provide legal support for the expansion of Web3 business scenarios.

Potential breakout businesses to watch in 2025 include:

1. Ce-DeFi scenario: Connecting traditional finance with on-chain tools to improve capital efficiency.
2. The application of DAO in the management of off-chain entity businesses: exploring new organizational management models.

Traditional Web3 businesses experienced a shift from recession to bubble in 2024. In 2025, this trend may continue, mainly reflected in three aspects:

1. A more innovative grand narrative: Attracting capital to pursue high-growth tracks.
2. More stable business revenue: especially in the DeFi and Ce-DeFi sectors.
3. A more balanced interest game model: solving the prisoner's dilemma problem in the current financing model.

The main theme of 2025 is likely to be a major change in the economic and cultural fields triggered by political reforms. This uncertainty will bring significant volatility to the risk market, while also potentially creating rare investment opportunities.

In this environment, the NFT market may welcome a second spring, especially when combined with emerging technologies like AI. As the market environment changes, we may see some previously undervalued assets regain attention and value.