Yep, just like the dot-com era. Were 95% of the funded ideas complete bullshit? Yes. Did a bunch of them make craploads of money and create a world that nobody imagined fifteen years before? Also yes.

I wouldn't be surprised if blockchain/defi/other web3 blah fails at 95% of what people are trying to use it for, and destroys 95% of the wealth that people gamble on it, and still changes the world and makes a bunch of people rich. I also wouldn't be surprised if people find uses for it in the plumbing of the conventional financial world in some invisible-but-consequential way.