Home Business Worldcoin in trouble, number of new users is disappointing

Worldcoin in trouble, number of new users is disappointing

Worldcoin launches new crypto wallet only for “real people”

Worldcoin started off strong with huge increases and 2 million pre-registrations, but after the launch the registrations are very disappointing. One possible reason for the disappointing numbers is the fact that potential users have to travel to a physical location to have their iris scanned.

After the launch on July 24, the number of registrations across all 20 countries where the iris scan is possible is estimated at 1,200 units.

Problems for Worldcoin?

We see the problems for Worldcoin not only in the number of registrations, but also in the price of the coin. For today, Worldcoin (WLD) is down about 8 percent, giving the project a market cap of $244 million. That’s probably not the launch that CEO Sam Altman, also known for ChatGPT’s OpenAI, had hoped for.

On the first day, it seemed that people were still enthusiastic about Worldcoin. In particular, at three locations in Hong Kong, the company achieved 600 registrations on the first day. In the meantime the storm has subsided somewhat and people, despite the fact that you get WLD for signing up, no longer seem interested in the project.

Somehow it is logical that the registrations for Worldcoin are disappointing. Of course it sounds interesting to launch a coin that requires you to scan your iris, which explains the 2 million pre-registrations. But to then actually travel to a physical location turns out to be a step too far for a large proportion of those applicants.

Pessimism about Worldcoin

We should also mention that there was also quite a bit of controversy about the first million registrations for Worldcoin. Like this claims MIT Technology Review that Worldcoin has used deception, promises of money and other things in developing countries to increase the number of registrations.

See for example this story about a small village in Indonesia. “Rushwandi joined a long line of residents, mostly women, some of whom had been queuing since 6am. In the economy weakened by the pandemic, any kind of help was welcome,” the MIT article reads.

Ethereum founder Vitalik Buterin and Twitter co-founder Jack Dorsey have also been critical of Sam Altman’s Worldcoin. In that respect, we can say that Worldcoin, despite the increases on the first day, has made a fairly false start.

No Comments

Leave A Reply

Please enter your comment!
Please enter your name here

Exit mobile version