It's an unfocused rant. He should have picked one target.<p>He mentions NFTs. Those are starting to worry me, because they may kill off the virtual world business. Two more crap virtual worlds were announced in the last week. I'm not going to name names, but here's some of the hype:<p><i>Blockchain! NFTs! Token presale! Golden Tickets! Rewards Pool! 20% Annual Return! Owned by the community! Upcoming VR Blockchain Conference!</i><p>Open for Make Money Fast now, actual VR world scheduled for Q2 2022. Vaporware.<p>There are some blockchain-based virtual worlds that already exist - Decentraland and Sominium Space. As virtual worlds to visit, play, or work in, they suck. "The metagame (trading land) is the game", one reviewer wrote.<p>Also, despite all the hype about these crypto-based virtual worlds being "decentalized", few if any let you run a server. That would allow others to create land, breaking the monopoly of the promoter. Most of these have very limited land area, both to pump up the land price and to minimize operating cost.<p>Something that's not well understood: NFTs are very pumpable. Because each one is different, there's no real market price. A few fake transactions can push what seems to be a price way up. That seems to be happening now.<p>It's not like you can actually sell something at that price. With a fungible item, such as a stock or a currency, there's a market, a market price, and some buyers. In those, you can't keep the posted price up unless you have buyers This time-limits market manipulation for fungible items.<p>NFTs, like collectables, lack that property. NFT markets don't crash, they become illiquid and stall. You see high posted prices, but nobody is buying. Look at collectables on eBay to see this. You can still try to trade Beanie Babies there, but see how many have zero bids.<p>The real reason for NFTs is that, not being commodities, they are not regulated by the CFTC, and not being securities, they are not regulated by the SEC. So hyping is legal.