In today's edition of YIYL, (You Invest, You Lose) we check in with another one of the popular shitcoin narratives that proved to be absolute dog shit wrapped in cat shit, the metaverse. The Metaverse was lol, fuck I can't stop laughing when I think about it, it's rehashing the second life game concept and slapping a token on it.
Now instead of simply leveraging on top of something like a second life which has a niche user base of 64 million people who don't get out much and spend their time wanking in front of their PCs to avatars, these shitcoin companies thought I can do it myself.
Everyone thinks they're fucking Kevin Costner, and if you build it they will come, but the coomers are a lazy bunch, they're not going to cum for just anything and the proof is in the data. Apparently, blockchains don't lie, and while over 270k wallets hold this shitcoin on chain and it's doing a trading volume of $52,524,58 per day, the application itself isn't doing dick squat.
Decentraland is more like deserted land
According to CoinDesk, the metaverse platform Decentraland is entertaining roughly 38 users a day these days. So how do we know this? An active user, according to DappRadar, is defined as a unique wallet address interaction with the platform’s smart contract, so you could be playing and not signing transactions or proving signatures to the smart contract, but what then wtf are you doing in the game then?
If you could play the game and be an active user without the need for the blockchain, then wtf was the point of the blockchain? So either the project has as many users as a kid's birthday party or they built a project that doesn't need the underlying technology and in that case, renders your token pretty fucking useless.
So which one is it?
This is laughable, and I thought the Helium project was a cock up, I remember at the heat of the bull run how many paid shills were talking about how big real estate is going to be in the metaverse and how they were going to set up businesses like NFT art galleries, I laughed at that shit then and I laugh even harder now.
Where's all the money gone?
The metaverse was meant to be the next big thing and even everyone's friendly neighborhood tech oligarch bot boy Mark Cuckerberg bet big on this bullshit trend of being an anti-social pod person.
So while Mark has a functioning platform that users user and revenue and still can't convince people to switch to his avatar product, what hope did any of these other shitcoin projects have? Not fucking many.
If we look at token metrics which clearly mean fuckall in relation to the product but are simply a measure of how much they can convince people on a narrative and pay market makers to keep wash trading volume, the top 2 "metaverse" projects are both valued at over 1 billion dollars.
Decentralands' "valuation" of $1.3 billion clearly looks like a lot for 38 users while the Sandbox (also "valued" at around $1.3 billion), is doing a bit better—with a whopping 522 daily active users.
Not only that, the most users Decentraland has ever had in one day is only 675; The Sandbox had 4,503 at one point.
Sam Hamilton, Creative Director at Decentraland, told CoinDesk that while they report
8,000 users on average per day, this accounts for any individual who passively interacts with the metaverse. He noted that while they saw peak attendees in March, the number of “tourists and spectators” has since cooled down.
Even then 8000 users don't match a market cap of 1 billion, and 290k token holders, you telling me less than 10% of token holders use the application, I wonder why they are buying the token? Oh yes, to fucking gamble on exchanges and try to capture capital flow of greater fools.
It's not for a lack of trying, the marketing has been consistent, Snapple have opened up stores in the metaverse, Tony Hawk has set up a skate park, brands and celebs are whoring out their IP to try and help metaverse companies build a place where they can give brands and celebs cheaper advertising and exposure in the future, but that shit ain't working.
Even with a bullshit global locked down that put many a person behind their computer for far too long, it hasn't been enough to spark off this industry and at what point to these NPCs that spout metaverse, realise that they are retarded?
Probably never!
And I hope they go down with the ship, good riddance to bad rubbish.
Sources:
Have your say
What do you good people of HIVE think?
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Posted Using LeoFinance Beta
I think these companies are just too early to the metaverse trend. Their valuations are obviously completed inflated and senseless right now. It blows my mind that you can have a +1B valuation with a product that nobody uses, the world is INSANE. So yes, I agree with you that these projects are absolutely overvalued in the current market environment.
However, I see the metaverse as an unavoidable future development. We are more and more connected everyday, hell, just look at the development between Millenials and gen Z. People are basically born and connected to the internet instantly. Its hard for me not to see the next generation just living in a virtual world, working in a virtual office and only engaging in virtual relationships. I hope to be wrong, for the sake of humanity. I really hope as well that I won't be forced to work in an online office in the metaverse in my professional future.
Dude second life launched back in 2003 and in that time we've seen bandwith for internet increase dramatically, and cost of internet go down along with onboarding users and the game hasn't grown in lock step with that, metaverse is just a niche interest and will be nothing more
This is just a vc marketing term along with web 3 to get people to buy into rehashed ideas with a token attached to them, if you want to fall for this nonsense be my guest.
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I agree that the metaverse is a niched interest right now and that these projects will not get anywhere. However, lets see when META actually creates a usable products for companies and you are basically forced to work in a "digital" environment. This would be incredibly cost efficient for companies, not needing to rent huge office buildings.
I'm a little bit of a pessimist in this sense but I believe this change will not be optional, we will be forced into this sooner or later.
do you know how many projects Meta has gone after that have failed? Gifts, podcasts, gaming, moments, they've tried to copy so much shit and try add it on the network effect of facebook and it still failed
You could argue that those were smaller projects. They literally changed their company name to go for it, I doubt they will back down so easily this time. But who knows! Time will tell which one of us is right!
I played Second Life a while ago where you can exchange 276 Linens for $1 dollar in US value. I believe they are a future for the metaverse, but the ecosystem needs to be fun to play and incentive people to stick around.
What would the incentive be that keeps people clicking at their computer over going out into the real world? You're either a child with plenty of free time, social recluse, don't value your time properly or have no skills that are worth anything
Simply for the pleasure of gaming.
Then you wouldn't need a token or monetary incentives, like gaming has always been
Lol fuck the metaverse. Such a load of shit I’m glad it’s tanking. We know that like EOS, this is all bot trades to have that valuation. They don’t have shit on there and the cucks are throwing their shit names around too early
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Reality can't come any sooner, raise the fucking interest rates and tank the whole lot of these dumb ideas floating on stories and cheap money. It's nuts how many people earn money doing stupid shit like posting on social media that offers society fuckall, get these people real jobs and you'll see how quickly these ideas to further suck people into the internet crack pipe die
When you have to face economic reality, you can't hide behind your avatar, you have to feed yourself