The problem is that when a space becomes dominated by the insane people, it's the insane people who drive its future. Any hope for a sane web3 depended on the hype starting after there was an actual use case. As it stands, web3's Eternal September began before the foundations were even laid, and it's going to be very difficult to retrofit them.
That’s absolute nonsense. Scammers and grifters making vaporware projects have no significant influence on the projects who spend their budget on development rather than marketing.
What you just said is “all these novice basketball players training the wrong techniques is a dire problem for those training effectively.” No it’s not, if anything investments in actual projects during relative, senseless mania is cheaper and easier than it ever was.
The analogy to basketball falls short because the narrative surrounding basketball is driven by the pro teams. It doesn't matter that there are millions more amateurs than there are pros because all the money and power lies with the pros. The pros dominate the space even while being a minority.
In web3, the amateurs are the majority and control the narrative. The space is dominated by people who make promises they can't deliver on and found companies that disappear in a year. When those are the people who control the narrative, it's impossible for the sane folks to prevent them from sullying the field's reputation until no one else will touch it.
