The metaverse, touted as the next big leap in digital interaction and virtual economies, faces significant challenges. Over $60 billion has been invested by tech giants in its development, yet user engagement remains low. Major brands entered the space with high hopes, but many have retreated to focus on other technologies due to underperformance. Platforms like Decentraland and The Sandbox have seen inflated real estate values, but the lack of a unified standard has hindered interoperability, undermining the metaverse's envisioned potential as an interconnected digital universe.
As it turns out, the metaverse has not been able to meet the expectations that were set for it.
Major brands like Nike, Adidas, Gucci, and Balenciaga also joined in, selling virtual sneakers and fashion items within digital worlds.
Today, metaverse projects are not connected; there is no unified standard.
Platforms like Decentraland and The Sandbox hit the roof with NFT land prices with investors buying virtual real estate.
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