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Brendon Lim
5 min read

Ever-shifting Paradigms in Crypto

Ever-shifting Paradigms in Crypto

With millions of available adjectives and adverbs at our disposal, it’s almost miraculous how often we stumble into the same few ones when asked to described something. All technological inventions are “groundbreaking”, and emotional situations are consistently “heartbreaking”. These clichés, while entirely avoidable, are simply symptoms of the illness that is clickbait.

While we can respect doing what it takes to get views and clicks (hate the game, not the player), that doesn’t mean we can’t point out clichés when we find them. One of the clichés we’ve discovered, due to our overexposure to all things crypto, NFT and blockchain-related, is the obsession with the term "paradigm shift."

What does paradigm shift actually mean?

The Merriam-Webster dictionary defines "paradigm shift" as "an important change that happens when the usual way of thinking about or doing something is replaced by a new and different way."  

The key takeaway from the definition here is that the change must be important for it to be paradigm-shifting. To figure out the validity of the usage of this term in crypto-related media and projects (in the interest of public service and personal amusement), this is what we’ll do:

Step 1: Look for projects and media that use the term "paradigm shift" (and its derivatives) in their titles

Step 2: Figure out if what they’re peddling is actually paradigm-shifting

Step 3: Rate each of them from 1 to 5, depending on how much of a paradigm shift is described

Step 4: Figure out what to do with this information now that we’ve spent an inordinate amount of time working on this

At the end of our little experiment, we should be able to figure out how convinced we are about the supposed impact of these projects.

Example 1

Photo by and machines on Unsplash

Publication: CoinTelegraph

Title: The metaverse will change the paradigm of content creation by Johnny Lyu

Article Summary: The article describes how the metaverse opens up a new dimension of creativity for content creators, and how entertainment is moving toward a more user-centric space. The author also theorizes that the business aspects — marketing, promotion, and advertising — of entertainment can be seamlessly integrated with the help of the metaverse.

Review:  3/5, shifted the paradigm like a gear stick in a Porsche 🏎 💨

When describing a technology that opens up possibilities like nothing the world has ever seen before, calling it a paradigm shift is more than appropriate. Of course, this is keeping in mind that the validity of the paradigm shift claim would largely depend on if the metaverse actually delivers on its promises of virtual greatness.

Example 2

Photo by Robin Glauser on Unsplash

Publication: Forkast

Title: The internet paradigm shift is here: Are you prepared for Web 3.0? by María Paula Fernandez

Article Summary: The author writes about how the decentralized, community-based Web 3.0 is the future of the internet. The article also lays out the challenges and preparations needed to move forward to this new, fairer internet.

Review: 4/5, paradigm shifted like Dorothy’s house in the beginning of the Wizard of Oz 🌪 🏠

The internet in all its glory was already a miracle at its inception. If Web 3.0 develops the way the author describes, “censorship-resistant, reliable, and unstoppable internet built for the  masses”, then the paradigm would not have only been shifted, but replaced with a new one entirely.

Example 3

Photo by Tezos on Unsplash

Project: CryptoSuits

Project Introduction: Introducing a Paradigm Shift in the NFT Ecosystem

Project Summary: CryptoSuits is an NFT project with 10,000 algorithmically generated unique avatars and an accompanying social network not unlike LinkedIn. Minters of this NFT will also receive 1,000 $SUIT, a must-have ERC-20 token if you wish to partake in CryptoSuits universe. There are also promises of an AI Hedge Fund and p2e game in the works.

Review: 2/5, paradigm shifted as much as Kobe Bryant’s finger in 2016 ⛹🏽 🖐🏽

An NFT project with artwork and name inspired by CryptoPunks isn’t exactly blazing a new trail, even with the added utility of its social network. Besides, if there are only 10,000 avatars available to mint, the total pool of users on this social network seems limited at best. The associated hedge fund and game will only be released if all CryptoSuits have been minted, which leaves us wondering what happens if they’re not.

Last example

Publication: Crypto.news

Photo by Martin Reisch on Unsplash

Title: NFL Teams to Explore Crypto and NFT Deals with New Blockchain Rules by Adam Robertson

Article Summary: The article describes the National Football League’s (NFL) seemingly sudden change in attitude about accepting crypto and NFT deals, and how unprecedented it is.

Review: 1/5, paradigm shifted about as much as the height of Mount Everest every year ⛰

Not to get all cynical or anything, but a sports league changing their mind about allowing crypto and NFT sponsorships isn’t exactly groundbreaking — major brands opening themselves up to more revenue streams, even if they’re non-traditional, tracks a lot better than one might expect.

Final thoughts

Even though we’re probably being nitpicky and enjoy making people feel self-conscious about their word choices, we hope it’s understood that this is all in good fun. To conclude, this blog article strays away from our usual style, so maybe you can think of this as the start of the Coinhako blog paradigm shift.

Disclaimer: All writers’ opinions are their own and do not constitute financial advice. As a company, we do our best to provide information that is accurate and valuable. The contents of this blog post are intended for educational purposes only. Individuals are advised to perform due diligence before purchasing any cryptocurrencies as these assets are subject to high volatility, and understand the risks associated with trading cryptocurrencies.
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All opinions expressed here by Coinhako.com are intended for educational purposes, taken from the research and experiences of the writers of the platform, and should not be taken as investment or financial advice.