Decentralandlords Are Now A Thing

In today's edition of YIYL (You Invest, You Lose) we head over to the mindnumbing stupid concept that is the metaverse, when I read up about the shit people are trying to pull using a chain and the concept of second life, I get so much second-hand embarrassment, I am honestly ashamed for people who think this is a viable use of time and resources.

Anyone I've spoken to who has tried to defend it lives in a complete fantasy world and thinks that you can take all the problems of the real world and plonk them into a simulation and all will be solved.

If you think humans are pretty good at fucking things up when there are physical constraints holding them back, what makes you think having no physical constraints is going to do? Amplify the fuck ups of course.

Decentraland started out as your average shitcoin gaming project, you make a poorly created game, you slap on a token and you let the speculation and player hyper offer you liquidity.

You pay for a bit of marketing and PR puff pieces and sucker people into thinking that buying game tokens will make them rich because the thesis is I like games, games give me value to my meaningless life, therefore others will want to share in that and I will get rich in the process.

Later the game tried to slap on NFT land sales and trying to tokenise other parts of the game, since Decentraland isn't fun and very few people use it. More people are trading the token than playing the game and that's saying something about how shit the product is, but fuckit this is crapto, where hype is more important than generating value.

Decentrascam keeps going

Decentraland has understood as many shitcoin games, that to keep your user base active you have to pay them and or at least the illusion of payment in my opinion. I've said before that shitcoins are simply the fiat system with the dial adjusted to 1000 and none represent this more than something like Decentraland, taking the broken co-opting of real estate as an investment and recreating it digitally.

The idea of dropping thousands of dollars to "own" a plot of "land" in the Decentraland metaverse should have been a red flag of epic proportion. 🚩 The only reason real estate has value is because it's used as a proxy for money creation and as collateral for a broken pension system, not because the house and land itself have value.

Now Decentraland doesn't have that but they will attempt it without the systematic backing of a central bank.

Talk about the demand

Decentraland land sales have slumped to record level lows as land flippers, NFT collectors and shitcoiners have been totally obliterated in this market. So how do you get people to buy your garbage NFTs you offer them one of two things

• Lower barrier to entry with mortgages
• Ability to earn income as a rent seeker

Decentraland has just introduced official support to allow its users to become a part of the rentier class. Exciting!

In case you were wondering, I checked, and yes. Someone has already come up with the concept of metaverse mortgages.

Personally, I'm excited to see other horrific parts of the system of homeownership get recreated virtually. Metaverse homeowners associations. Metaverse building permit red tape. Metaverse NIMBYs. Metaverse property liens. Metaverse neighborhood watch.

Talk about the price

As you can tell from the chart below, the price of Decentralands native token has had its back blown out like a Thai GoGo girl in her mid-30s. In the last year, the price has slumped from $5.85 down a whopping -93.3% to $0.39, so if you didn't get in around 2019 you're probably in the negative nominally and for those adjusting for inflation, its probably even less that are in profit in real terms.

A 6 billion dollar market cap is now worth less than 700 million and I still think that is pushing it for this nothing project that has less than 100k users so how can it justify a valuation like that?

A spectacular fall, and I am impressed that they are still going and trying to salvage something from this project. I highly doubt digital rentseeking is going to do much for it, but you know there are more clueless people that are willing to jump in on dumb investment opportunities, so what do I know?

I am just here to watch the madness of crowds play out.

Source:

• theblock.co

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