PYMNTS.com August 7, 2024
The metaverse may not be living up to the lofty promises that captured the attention of enthusiasts.
The metaverse, an interconnected system of digital worlds built on blockchain technology and digital tokens, was envisioned as a new frontier for creativity and economic opportunity, but key measures of its value, such as the prices of non-fungible tokens (NFTs) and other tokens associated with platforms, have been on the decline, Bloomberg reported Wednesday (Aug. 7).
One popular metaverse platform, Decentraland, has seen its property values plummet by nearly 95%, accompanied by a decline in its user base of about 90%, according to the report.
Meta Platforms’ Reality Labs has also struggled in this space, reporting a quarterly loss of nearly $4.5 billion,...
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