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"Virtual real estate platform Decentraland, once valued at $1 billion, is now in free fall. Revenues have absolutely cratered over the last year, The Block reports, with only a handful of users actually trading virtual real estate [...] The numbers are absolutely brutal. According to the report, only between 20 and 30 people are actually buying and selling property on a weekly basis, amounting to roughly $50,000."

futurism.com/the-byte/virtual-

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kai (they) 🛠

@darius I'm more surprised by the valuation than the lack of users

Although I figure that's going to be how most people outside the VC echo chamber feel

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marcorobotics

@darius "virtual real estate" and "valued at $1 billion" should never appear in the same sentence

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Daniel Schwarz :toad:

@darius Least surprising news I’ve heard in a while

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Why Not Zoidberg? 🦑

@darius "Fry shocked gif"

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Princess Unikitty

@darius you mean I can't just make a nonsense video game and try to sell fake things in it to people? I need to talk to my broker and pull my Linden Dollars out of Second Life!

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clar fon

@darius Dan Olson strikes again

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emma

@darius The eau de money laundering is strong on this one.

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Michael Gemar

@darius I never understood taking the unlimited potential of the digital realm and trying to create artificial scarcity. Why isn’t there infinite “land” in the metaverse?

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J.H.Noyes

@darius

The metaverse(s) arrived 25 years after its time. Paying a high hardware entry fee to rake cat turds out of some billionaire's sandbox just doesn't have the appeal that futurists imagined it would in the 90s. It's not that VR doesn't have potential, but rather that over-immersion is unnecessary and mission defeating in that it distracts from the compulsive behaviors that drove the social media business model last decade.

@Npars01

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Patrick H. Lauke

@darius this recent folding ideas video on decentraland is a lot of fun youtu.be/EiZhdpLXZ8Q

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ocdtrekkie

@darius When I had fun money I bought $10 of their cryptocurrency when NFTs were becoming hyped, waited for it to double, and sold $10 of it: Looks like the $10 worth I had left is now worth about 59 cents, lol.

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@darius

So, like the rest of us normal people already knew, the Metaverse and NFTs are all scams.

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Ted Makes Games

@darius the sooner all of these “crypto NFT metaverse companies” can die off and unwater down the term “Metaverse” the better.

Listen I just want good protocols for letting me do seamless interop between applications and digital experiences, none of that needs to be “on the blockchain”

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Sirpushalot

@darius from a virtual world into a literal toilet. On the other hand, how does an enterprise like this one get valued at a billion dollars?

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Enrique Barcelli

@darius @atomicpoet

Well, not really very surprised...

What is surprising is that people still invest their time in writing these articles... probably #LLM 🤔

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Darkglade

@darius *surprisedpikachuface*

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Brian C. Keegan

@darius There’s nothing different between virtual real estate and name-a-star scams.

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