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this post was submitted on 25 May 2025
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That's because it is another bubble. They're all bubbles IMO. Since the boom of the internet they've all been scrambling from one fools gold rush to the next. Crypto, nft, metaverse, AI. Heel even social media that was given freely isn't returning the expected investments and that's why they're all enshitiffying.
That’s the thing though, free social media was giving them massive returns. But the line must go up. And once they completely saturated the market, there are only two ways to make the line go up: expand the market (give Internet to communities that didn’t have it), or extract more money from your existing users (enshittify). Facebook made a half assed attempt at the first one for a couple years, then pivoted hard to the second.