Just when we were getting used to the idea that the metaverses—yes, there's more than one, actually nearly a dozen and counting—are The Next Big Thing, a lightning bolt of reality hit these emerging virtual worlds and fried them.
The domino-like collapse of cryptocurrency in the wake of the biggest Ponzi swan dive since Bernie Madoff—Sam Bankman-Fried's "I don't know where the money went" Houdini act at FTX—has wiped out the value of the non-fungible tokens (NFTs) that were the primary currency used to buy space (a.k.a. "land") and virtual toys on the most successful metaverse platforms like Decentraland, Sandbox and something called Bored Apes.
Blockchain-generated NFTs have lost 97% of their value in the crypto collapse—and the other 3% is on life support.
Want to continue reading?
Become a Free ALM Digital Reader.
Once you are an ALM Digital Member, you’ll receive:
- Breaking commercial real estate news and analysis, on-site and via our newsletters and custom alerts
- Educational webcasts, white papers, and ebooks from industry thought leaders
- Critical coverage of the property casualty insurance and financial advisory markets on our other ALM sites, PropertyCasualty360 and ThinkAdvisor
Already have an account? Sign In Now
*May exclude premium content© 2024 ALM Global, LLC, All Rights Reserved. Request academic re-use from www.copyright.com. All other uses, submit a request to [email protected]. For more information visit Asset & Logo Licensing.