Exactly. If Bitcoin had not gone "to the moon", all of this would be a tiny niche, like Chaum's DigiCash was.

The problem is all the junk riding Bitcoin's coattails. At some point, probably soon, the bottom will fall out of at least part of this. NFTs are already crashing. That's not too visible, because there's no "market price" across different items. But you can look at sales on OpenSea, and notice that the resale prices are mostly lower than the previous price.[1] Smooth Love Potion [2], part of the Axie Infinity Ponzi, already crashed.

The big moment will come when Tether comes un-tethered. It cannot survive a net outflow, because it has very little asset backing. Something is going to crack in the Tether/Binance area. Binance is giving some people 200x leverage.[3] That never ends well.

[1] https://opensea.io/collection/collectvox?search[sortAscendin...

[2] https://coinmarketcap.com/currencies/smooth-love-potion/

[3] https://www.coalexander.com/post/the-tether-binance-axis-and...