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MOVE Cryptocurrency is undergoing a reshuffle similar to the Internet bubble. According to MoonPay President Keith Grossman's warning on August 10, by 2026, more than 100 projects have reported closure, filed for bankruptcy or disappeared. In his view, the downturn has forced crypto companies to ask themselves a fundamental question: Are the products they are developing really what people need?
Learn lessons from past bubbles
In an X platform post citing a report, Grossman claimed to be an "antique" by encryption standards. He mentioned that he joined Wired magazine shortly after the dot-com bubble burst in 2002 and saw several cycles there during the 2008 financial crisis.
"Companies fail, people lose jobs, careers change, confidence is shaken," Grossman wrote, arguing that harsh environments may prompt individuals to rethink their motivations for entering the field in the first place.
More than 100 crypto projects have ceased operations or declared bankruptcy this year, with closures covering exchanges, wallets, DeFi projects, NFT markets and blockchain networks.
Grossman compared the current situation to the collapse of the Internet bubble. He believes that the failure of the Internet to support the survival of thousands of companies does not mean that the technology itself has failed, but rather that just becoming an Internet company is not enough to create viable business. He expects the encryption field to face similar tests.
"The question is no longer whether you can issue tokens, create another chain, raise large amounts of money or attract attention," he wrote."The question is simpler: Are you creating something people really need?"
The crypto industry veteran also linked digital assets to artificial intelligence, based on John D'Agostino's framework, calling AI "scalable intelligence" and encryption "scalable truth". He believes blockchain can reduce the cost of establishing ownership, authenticity and settlement.
This argument led to his views on tokenization, although he warned that placing assets on the blockchain would not automatically create value. In his view, technology must bring tangible improvements to users.
Project closures put pressure on business models
Multiple closures show that user volume alone cannot always translate into sustainable revenue. Tally, a governance platform used by more than 500 protocols, announced it was shutting down despite processing more than $1 billion in payments;Everclear also shut down its business after monthly transaction volume reached $500 million.
The same pressure has spread to exchanges. It was reported last month that BitMart and BitMEX had begun to gradually scale down their trading businesses, and BitMart's BMX tokens fell more than 60% after the announcement. Movement Labs also filed for Chapter 11 bankruptcy protection on July 23, and its MOVE token fell more than 99% from its previous all-time high.
In Grossman's view, these failures do not prove that the crypto industry itself has failed, but rather test individual projects: whether they have products, customers, and business models that can survive when easy capital disappears.
"Putting something on the blockchain does not make it valuable," he wrote,"Technology must earn its place. So are we."
