Focussing on innovation can be a better way to tide over slump in crypto industry

economictimes.indiatimes.com:

With various cryptocurrencies across the world plunging to an all-time low without showing any sign of slowing down anytime soon, many crypto lenders in the industry are forcing themselves to take drastic steps like blocking transactions to control the volatility among crypto assets, and exchanges are planning on laying off staff to keep themselves in a steady situation. Earlier this year, the US Federal Reserve decided to hike interest rates, following which investors started selling riskier assets, sending the prices of cryptocurrencies, tokens, and other digital assets on a bumpy roller coaster ride. In addition, the crypto business is currently experiencing a «perfect storm» of factors, a combination of rising oil prices, the war conflict in Ukraine, and the ever-looming possibility of monkeypox and the return of Covid-19.

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In the wake of the crypto market crash, the prices of hardware used to support the mining of crypto assets are also falling dramatically. For example, a high-end graphic card is now almost 45% cheaper compared to its price a few months ago.

The combination of factors influencing the situation for the crypto industry may appear dire. Still, we need to remind ourselves that when situations get hard, it is the time we always find a way to get through such tough times. This time in history is genuinely a fantastic moment to start over and identify products and services that might cause further trouble to the crypto-industry, especially as and when things stabilize over the next several months. For example, let’s consider the NFT domain. The full extent to which an NFT can be utilized in pop culture is yet to be explored. Things have been excellent for digital