The metaverse is completely screwed.
Virtual real estate platform Decentraland, once valued at $1 billionis currently in free fall.
Earnings have fallen completely since last year, block reportOnly a handful of users are actually trading slices of land within Decentraland’s virtual world, which can be traded in the form of , virtual real estate, or NFTs.
The numbers are absolutely brutal. According to the report, only 20 to 30 people are actually buying and selling properties each week, amounting to around $50,000. This is a significant drop, given that the volume of transactions in late 2021 and early 2022 was in the millions.
Decentraland’s predicament shows that interest in owning virtual real estate has dropped significantly.
Last year, data aggregator Dapp Radar We found that Decentraland had only 38 “active users” in 24 hours. That’s a surprisingly low number considering the company’s market capitalization is as high as $1 billion. Other platforms, including The Sandbox, struggling seriously It can also pull in quite a few users.
Decentraland recently hosted a Fashion Week event with 60 labels sponsoring shows, including top brands such as Tommy Hilfiger and Adidas. However, this year he only attended 26,000 users, compared to over 100,000 at the same event last year. block.
“The world never felt so alive” The BargeJay Peters of remembered After attending an event. “Walking around, she would always see one or two other people nearby.”
Decentraland’s tanking trading volume shows that appetite for virtual real estate is running out, disappointing its users.
“Everybody saw big companies buy land for millions of dollars and prices skyrocketed, but looking back now, it was a terrible mistake,” said Metaverse Architect Hunter Swihart. rice field. blockadded that he wouldn’t be surprised if Decentraland went bankrupt in the near future.
Others, like YouTuber Dan Olson, take it far less lightly.
“It’s actually a bad video game made up of small, bad video games wrapped in a Matrix-cosplaying real estate scheme,” he said. A ferocious 109-minute takedown.
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