For example, Reddit replaced the NFT section with “digital collectibles” and Riot Blockchain, a bitcoin mining company, changed its name to Riot Platforms. Experts also suggest replacing the word “crypto industry” with “decentralized system”.
According to analysts, cryptocurrency projects need to be rebranded to attract more users and partners. They believe Web3 terms have become irrelevant and inaccessible to the mass consumer and also cause distrust and rejection.
However, not all crypto projects are ready to give up on their roots. Some continue to use crypto industry-related words in their names, claiming that this helps them stand out from the competition and emphasize their belonging to the new economy.
Source: Ferra
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