$BTC a16z’s Paul Cariero said that the technology and crypto industry is entering a “show me” era, and the previous model of earning recognition through vision, white papers, tokens, and team background is no longer working. With regulatory scrutiny in place, incidents involving bad actors in the industry, the large-scale entry of traditional financial institutions, and the rapid rollout of AI products, external audiences’ tolerance for “stories” has clearly declined. He believes that after institutions such as BlackRock, Fidelity, JPMorgan Chase, and Franklin Templeton enter the crypto and tokenization space, the threshold for serious projects in the industry has been raised. Project teams now need to show real data, on-chain transaction volume, active users, revenue, retention, deployed integrations, and verifiable partnerships. He said that in 2021, it might have been possible to win over the market with 80% vision and 20% facts, but now that ratio has flipped.