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Crypto Collapse Gives View of 'Property' Values In the Metaverse
During the pandemic, we all clung to the cliché "whatever doesn't kill us makes us stronger." Hopefully, for most of us that will turn out to be true.
The pioneers of the emerging metaverses — yes, there's more than one, and ultimately there may be hundreds of these virtual plat-forms — have had their near-death experience in the second half of 2022, and they're hoping for the same outcome.
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 — 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.
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