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Zuckerberg's Metaverse bet goes awry

 


Meta boss, Mark Zuckerberg, is a pantomime villain.


When Facebook announced last year that they were changing their name to "Meta" as a sign of intention as to where the industry at large was headed, some were disappointed.


"How dare they steal the Metaverse name," many grumbled. But with the nebulous concept of the Metaverse, now more commonly referred to as Web3, that talk has died down somewhat.


Meta vision in trouble

But what exactly is going on with Meta and her push to usher in the new age of social media?


Zuckerberg's announcement failed to quell the sell-off as Facebook's stock price is $129 today, an ugly 59% plunge since the rebranding announcement.


Almost a year to the day since Meta rebranded, Zuckerberg's utopian vision of some sort of "Ready Player One" world of virtual reality never seemed so far off.


Thousands of employees are working towards this goal, but the results so far are unconvincing, to say the least. Internal memos reported by The Verge were released this week.


They were, I'm sure you'd agree, somber in tone.


"Why don't we love the product we've built so much that we use it all the time?" asked Meta's VP for Metaverse, Vishal Shah.


"The simple truth is, if we don't love it, how can we expect our users to love it," he added.


"The sum of paper cuts, stability issues, and bugs makes it too difficult for our community to experience the magic of Horizon," reads another quote referring to Meta's virtual reality game.


Metaverse tokens are lagging behind across the market

The drop in Metaverse tokens over the past year is sharp. Of course, cryptocurrency tokens have fallen off a cliff across the market, but the extent to which Metaverse-related tokens have fallen is still worrying.


Looking at the nine tokens within CoinMarketCap's top 100 that are classified as "Metaverse" related, the average drop since Meta's rebrand is staggering. I have represented them in the following graphic:


Even more worrying is the decline in users of these games. While there have been seemingly false reports of active users on Decentraland - with alarming data suggesting that 38 daily active users turned out to be excessive - the fact that engagement in these Metaverse games is consistent with token prices is consistent has collapsed.

What happens now?

It was a tough time for Zuck. This week, he even slipped out of the top 10 richest people in the US - another bitter pill to swallow.


In all seriousness, the struggles of the vague but seductive Metaverse are troubling. It is difficult to develop games with the standard of traditional non-blockchain games. As token prices have plummeted, the play-to-earn model has suffered because without the potential for big wins, these games just become… less fun .


It will be interesting to see how Zuck and Meta continue from here. But so far, their Metaverse bet has been ill-advised.

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