Paul Krugman, the Nobel-Prize-winning economist, just published a column in the New York Times arguing that crypto brings no fundamental value to the economy – more than a “crypto winter,” he claims, we are witnessing an endless winter that precedes the end of the world — in this case, the crypto world. While Krugman is known for his skepticism of the sector, his perspective reflects a growing anti-crypto consensus, reinforced by the collapse of FTX and other exchanges. Nevertheless, the metaverse itself continues to grow. Apple is accelerating its development of virtual reality headsets, Sony is stepping into the VR arena with a release of its own, Bloomingdale just opened its first virtual store, and the Pacific nation of Tuvalu is planning to create a version of itself in the metaverse.
Together, these news stories indicate that the metaverse is decoupling itself from crypto, standing on its own as a source of value for established players across sectors. Whether crypto survives the storm or not, the rise of virtual and augmented reality seems here to stay.