Between 2017 and 2022, dozens of crypto projects promised to move travel on-chain — flights for Bitcoin, hotel rooms as NFTs, Booking com cut out of the loop. Barely one in four is still alive.

The other three in four didn't make it, and their stories are the real lesson: a $19M raise that shipped almost nothing, dead project domains that are online casinos today, and two separate teams who wrote the same obituary six years apart people came to invest, not to travel. We tracked every one that died.