Skip to main content

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.

My Top Picks
Honeygain - Passive earner that pays in BTC or PayPal
MandalaExchange -The Best no KYC crypto Exchange! 
BetFury - Play And Earn BFG for daily Bitcoin and ETH dividends!
Pipeflare - Faucet that pays in ZCash and Matic, Games pay in DAI
Womplay - Mobile dApp gaming platform that rewards in EOS and Bitcoin
Cointiply - The #1 Crypto Earning Site
Torum - Join the latest Social Network and earn TRM for Free! 
LiteCoinPay - The #1 FaucetPay earner for Litecoin 
LBRY/Odysee - YouTube Alternative that lets you earn Money by viewing videos!
FaucetPay - The #1 Microwallet Platform
FREEBTC - The #1 FaucetPay earner for Satoshi's
FaucetCrypto - An earning/faucet site that pays out instantly
FireFaucet - An earning site that pays better for some than Cointiply
DogeFaucet - Dogecoin Faucet
xFaucet - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BCH, BNB, ZEC, FEY - Claim every 5 minutes
Konstantinova - BTC, ETH, LTC, Doge, Dash, Tron, DGB, BNB, ZEC, USDT, FEY, 25 Claims Daily

Comments

Post a Comment

Popular posts from this blog

From offchain to offchain: Statechains meets Lightning

  Without a doubt, the most significant off-chain Bitcoin solution is the Lightning network. But in its wake, the statechain has emerged as an intriguing replacement. There is currently a proposal to link the two offchain networks. From an ocean, for example, you can see sunbeams glistening in the water, waves rippling, and possibly a jellyfish drifting toward the light. But you only see a small portion of it. The distance from the sea's surface to its bottom is hundreds of meters. It has dozens of different fish species swimming in it, crabs and starfish crawling on the bottom, shells clinging to rocks, and sea plants climbing up. A completely new world starts where your gaze diverges. You can picture a blockchain like Bitcoin, just like the sea. What you see on the outside is only a small portion of what is actually there; the set of UTXOs (coins) and transaction history that full nodes store are just the beginning of a much larger world. It's the plan, at least. With Bitcoin
Post a Comment
Read more

MSP Recovery and Tokenology aim to optimize healthcare with the help of Polygon

  MSP Recovery LLC, a Miami, US-based healthcare provider with an estimated enterprise value of $32.6 billion, is partnering with Web3 company Tokenology to jointly launch a new blockchain platform called Lifechain. Lifechain wants to leverage the verifiable and transparent nature of blockchain technology to aggregate medical care claims, medical expense reports and patient data and streamline their processing. For this purpose, MSP Recovery launched its own LifeWallet in January, which already has 1 million users. In addition to the wallet and blockchain platform, an associated crypto token called LifeCoin is also used. The press release explains that the primary purpose of the system is to enable secondary healthcare providers to more effectively bill health insurance companies for their costs. “The number of medical claims tokenized going forward will surpass $50 million per day by 2024. For this we need scalability, security and sustainability, which we have only found with Polygon
Post a Comment
Read more

British financial regulator criticizes cooperation between Binance and Paysafe

  The British financial regulator FCA has expressed concerns about the partnership between market-leading crypto exchange Binance and payment service provider Paysafe. As the British regulator complains, the partnership gives Binance access to the influential British payment network Faster Payments Service (FPS), from which the crypto exchange was previously cut off. Last June, the FCA ordered Binance to stop all business activities in Great Britain. As a result, prominent banks such as Barclays have terminated their cooperation with the leading crypto trading platform . Through the cooperation with Paysafe, Binance can now again offer deposits in British pounds sterling and transactions within the European Payments Area (SEPA). However, this fact is a thorn in the side of the FCA, as it classifies the crypto exchange as a “considerable risk factor”. However, the financial regulator sees little room for maneuver to counteract this, as the Financial Times reports . “ Paysafe understands
Post a Comment
Read more