Crypto’s next phase won’t be decided by hype, and Mike Novogratz is making that clear.

The Galaxy Digital CEO says the market is moving away from story-driven tokens and toward projects that can show real use. In a recent Youtube video from Galaxy’s channel titled “2026 is a Year for Building,” Novogratz warned that tokens like XRP and Cardano (ADA) could lose relevance if they fail to prove practical value as the industry matures.

His message was clear: crypto’s next winners will be built on usage.

Crypto Is Entering a “Prove It” Phase

Novogratz said the market is shifting from “narrative-driven tokens” to “business-driven tokens” – assets that actually do something and can point to adoption, revenue, or visible…