The Biggest Problem with Cryptocurrency

Since the emergence of Bitcoin in 2008, cryptocurrencies have been around for 17 years. Due to their scarcity and technological consensus, their prices have generally risen quite a bit. However, this year, in a relatively relaxed environment, cryptocurrencies have performed quite poorly.
Price reflects the market's collective consensus. Given the current situation, cryptocurrencies definitely have their own issues.
In my opinion, the biggest problem with cryptocurrencies is the lack of any fundamentals. Over the years, they remain bubbles with no real applications, all just a game of hot potato. The lofty talk about Web3 development, crypto community infrastructure, NFTs, and the Metaverse ultimately results in no practical applications—just hype and speculation.

Look at AI—how many real applications have been implemented? Large models like GPT have genuinely changed many people's lives. Autonomous driving, industrial robots, brain-computer interfaces, commercial space, biomedicine—these fields have undergone revolutionary changes in recent years. Meanwhile, cryptocurrencies, with a market cap of $3 trillion, have no real progress in projects beyond a half-baked crypto finance sector...
Is blockchain truly without practical value, or is it that human productivity currently cannot realize its application scenarios?