Luca Netz, CEO of the NFT project PudgyPenguins, published a long article titled "What is Consumer Crypto?", which states: "Consumer cryptocurrency adoption can be divided into 3 phases based on spending habits: Phase 1: discretionary spending; Phase 2: necessary spending; and Phase 3: basic spending. Consumer adoption has been in the hands of blockchain companies that have raised tens of billions of dollars to further their adoption over the past 10 years, but mass market penetration and fragmentation do not go hand in hand. The universal approach is ambitious, but the effort required to achieve it is huge. The cryptocurrency industry is now at a crossroads similar to the internet boom of the early 2000s. After 10 years of building infrastructure, it is time for the industry to break through and enter the mainstream market."