People talk a lot about scarcity in crypto. Whether it’s enforcing digital scarcity through NFTs or the idea that “there’s 55m millionaires but only 21m bitcoins”. In reality, the only scarce resource in crypto is attention. Risk-seeking capital is certainly not scarce. People that joined crypto in summer 2021 are raising multi-billion dollar funds to explore “the metaverse” and to decentralize Uber. One billion dollars is not very much money anymore.