Web3 Remains ‘Mega-Mega Bullish’ Despite Crypto Downturn, Says Polygon Co-Founder

Although the cryptocurrency market witnessed a major washout over the last few weeks, Polygon co-founder Sandeep Nailwal firmly believes that the big picture for Web 3 remains bullish.

In a recent Twitter thread, Nailwal said, “Long-term Web3 remains mega-mega bullish, so newbies keep learning and builders keep building!”

While predicting a long bear market, Nailwal noted that if the U.S. Federal Reserve manages to “remove” the uncertainty around the market, there might be a respite and suggested that “there is a lot of dry powder sitting on the sidelines to bring in aggressive bull rallies.”

Nailwal further said that even though these entities will take a cautious approach in selecting their bets and acceptable valuations would be much lower, he expects the “thesis-based VCs to keep deploying.”

The Polygon co-founder predicted that markets will eventually be able to find a bottom after inflation hits a peak in three to six months when Fed raises rates. Only then will “things become normal.”

Web3 is an idea for a new iteration of the World Wide Web, based on blockchain technology, which incorporates concepts such as decentralization and token-based economics.

Earlier, speaking to the International Business Times, Raj Kapoor, founder of India Blockchain Alliance, said Web3 will be the future of the internet.

“Crypto ban or not, blockchain is the real deal and Web 3.0 powered on the blockchain is the future of the internet,” Kapoor said.