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Decentraland has a $1 billion valuation but only 8,000 daily users

If you’re not familiar with Decentraland, it’s a Web3 “metaverse” built on selling 90,000 plots of virtual land, drawing media coverage like this New York Times report that quotes one investor saying, “Why don’t we go in and buy the parcels of land in these metaverses, and then we can become the landlords?”

The “virtual real estate” plan has been derided by some as a pyramid scheme, like Indiana University Bloomington media professor Edward Castronova, who told CNBC, “The Metaverse is El Dorado for internet startups. They chase it into the jungle and die.”

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