Just caught an interesting take from a major crypto figure on why NFTs and DAOs aren't dead, just sleeping. The argument? They'll come back, but probably looking nothing like the 2021 version we all remember.

Here's the thing - most people wrote off these concepts after watching the absolute carnage. NFT collections that were supposed to be revolutionary ended up 95% worthless. The Bored Ape situation is wild, those things dropped over 80% from their peak after trading for hundreds of thousands. And yeah, we all know roughly 60% of early 2022 NFT trades were basically wash trading - people pumping their own bags to create artificial scarcity.

But this veteran in the space makes a point worth considering. He's saying the underlying tech was real, it just wasn't ready yet. The infrastructure wasn't there. User experience was rough. Sound familiar? He compared it to video streaming in the early 2010s - the tech existed, it worked poorly, everyone hated using it, then suddenly within a decade it became how we consume entertainment.

DAOs are the same story according to him. They've existed as a concept for years but never really took off. Not because the idea was wrong, but because the timing and execution weren't right. NFTs will likely evolve too - maybe into what people are calling NFT2 or whatever the next iteration looks like. The tokenization of art and digital assets might eventually dwarf where we are now, but it needs that infrastructure layer first.

The market peaked in early 2022 at peak mania, then collapsed 93% by 2025 when people realized there was nothing backing most of this. But his point isn't that the last cycle made sense - it's that sometimes revolutionary tech needs multiple cycles to actually work. The next version will probably be unrecognizable from what we saw, but the core concepts might actually matter when they're ready. Worth keeping an eye on how this space evolves.