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The key problem with NFTs wasn't the "digital property" part of the equation. It was the cryptocurrency aspect. Digital property, like say CS:GO skins or Roblox
by OkayPhysicist 3y ago
The key problem with NFTs wasn't the "digital property" part of the equation. It was the cryptocurrency aspect. Digital property, like say CS:GO skins or Roblox stuff, have a thriving market despite only existing as database entries on Valve or Roblox's servers. Importantly, though, they exist in a space that people otherwise want to be in.
The big failings of all the current metaverse projects is that they focus too much on the cryptoproperty angle and not enough on establishing spaces people actually want to inhabit. This makes sense: the crypto scene is complicated, but has a lot of money to throw at things. To get that money, you have to deal with that complexity, which ends up committing large amounts of your time and energy into the cryptoproperty angle. Then, when it comes time to attract users, all you have to offer is the crypto stuff.
Meanwhile, the crypto stuff doesn't actually solve any problems on the developer's end that existing MMOs face. So you're trying to compete in a ruthlessly hard to break into market, while ignoring the people who have a demonstrated preference for products like yours, because you're busy focusing on the people who want to invest in your product.
As long as the metaverse is being built as a cash-grab first, it'll never succeed.