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:
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