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Comment by jiggawatts | Hacker News Reader

Tulips, NFTs, and the Metaverse all revolved around exclusivity and collectibles. Art with no real utilitarian value.

I pay OpenAI $100/mo, twice what I pay for my mobile phone service.

It’s a useful service that I use every day.

I have never even heard of anyone in my social circle expressing even a mild interest in tulips, NFTs, or the metaverse.

This bubble has much more in common with the rail road boom and the 2000 fibre build out bubble.

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How did metaverse revolved around exclusivity or collectibles?

the metaverse went from being about owning your identity and digital possessions to mostly being about buying jpegs. once collectibles and nft speculation became the headline, it was hard to explain why any of the underlying technology mattered. after that, most people just associated the whole thing with speculation rather than the original vision.

which is a shame, I still feel like VR is full of untapped potential

Yeah - they not just VRChat but many other VR projects are alive and very active, doing verz innovative and almost marvelous things most people don't know anything about.

It might not be a mainstream thing any time soon or ever, but that is not necessary as long as the people invovled woth VR are having fun. :)

A big part of the metaverse was "buying land" in exclusive locations, a similar concept to NFTs or crypto in general.

You start with "real utilitarian value" and your example is... how much you pay for it. That sounds more like a drug habit.

How much you spend on something does have an indication on what the utility is for you. Though people spent on all the other hype things so at the time those things also had some utility for that user.

I think their point is that is pretty cheap for such a useful service. The opposite of a bubble price.

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