Tokens in most cases are unpredictable and volatile and prone to massive price fluctuations. They also can put your money in danger with no incentive of being covered by the issuer.
ENS or Ethereum Name Service has been in the game long enough and annoyed many people by issuing their own token. They had taken a firm stance against tokens but now their new venture has made people skeptical.
ENS started its distribution with 25 million tokens and these holders will form the foundation of the decentralized protocol. But many users have criticized the “future of web” approach as people don’t want their name on the domain with “.eth”.
Also with many big banks and corporations joining, most users fear that crypto might soon be manipulated like the stock market. JP Morgan has a huge influence over everything at ConsenSys and people think it won’t be decentralized anytime soon.
Other Crypto exchanges like FTX and Coinbase have said that they will be launching their own NFT platforms in the near future. A token can be said to be a way of retaining loyal customers to their DeFi system and be extremely valuable in the future. As the crypto market becomes more competitive than ever, companies are leaving no stones unturned to retain people.
If you have been planning to get into the crypto market, right now is the best time to do so. With the market growing at an exponential rate and it will soon be inaccessible to most people.
