So what's going on with the "Metaverse"?

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71 comments, last by Nagle 2 years, 4 months ago

So i was just preparing to format my HD and going to work on something useful outside tech, like washing dishes.
Then this:

There is hope. Some sane people wont enter the matrix at free will. :D
I'll keep working on games for fun…

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NFT land seems to be starting to collapse. The biggest player, Axie Infinity, is tanking. Their Smooth Love Potion token is down 90%. (Axie is a combination of a Ponzi scheme, Pokemon, and a grinding game. It's popular in the Philippines, and for a while poor people were quitting their day jobs to play and collect.)

NFTs are becoming a joke. There's a South Park episode mocking them. There are joke NFTs, one being Nonfungible Olive Garden. (All the Olive Garden locations have been sold, but you can still get NFT bread sticks.)

Pushback is starting. The “Metaverse” subreddit started removing new announcements of NFT worlds that don't exist yet. More NFT transactions become US taxable on Jan 1, 2022. OpenSea resales are stalling out. (NFT markets rarely crash; they stall. High asking prices, actual sales rare and at far lower prices. Like Beanie Babies on eBay.)

Whether the NFT collapse will take down the metaverse industry remains to be seen. There are very few metaverse systems out there that don't look like My First Unity Game.

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