Navigating the Metaverse Downturn
View in Browser
Sponsor: Kraken NFT — Kraken NFT is built for secure NFT trading.
- 🧋 New Doodles partnership. The cute PFP collection has teamed up with iced tea giants AriZona on a giveaway contest centered around shopping for Doodles-branded AriZona drinks.
- 🎶 The Bandcamp successor. Subvert, a new platform and marketplace for independent music that is designed to be owned by artists and fans, introduced its vision and plans today.
- 📱 Privy integrates Lens. The popular wallet onboarding service has integrated support for crypto social network Lens, paving the way to creating Lens apps more easily.
This week Polygonal Mind, the team behind VIPE, CryptoAvatars, and countless other virtual experiences, announced they were closing up shop because of tough market conditions.
It’s a sad development, as the Polygonal team have been true metaverse champions, but not necessarily surprising considering how the metaverse sector has been among the hardest hit in crypto’s post-2021 bear market.
Why is this the case, though?
One big reason is the "land speculation death spiral," a problem that has plagued virtual worlds for years.
For today's post, let's dive into this death spiral phenomenon, why it matters, and why the future remains bright for the metaverse! 👇
Kraken NFT is one of the most secure, easy-to-use, and dynamic marketplaces available. Active and new collectors alike benefit from zero gas fees, multi-chain access, payment flexibility with fiat or 200+ cryptocurrencies, and built-in rarity rankings. Learn more at Kraken.com/nft
Not financial or tax advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. This newsletter is not tax advice. Talk to your accountant. Do your own research.
Disclosure. From time-to-time I may add links in this newsletter to products I use. I may receive commission if you make a purchase through one of these links. Additionally, the Bankless writers hold crypto assets. See our investment disclosures here.