Newly-launched project Worldcoin has failed to achieve significant progress as signups for the platform’s ‘Digital ID’ continues to dwindle since launching on July 24.
What Is Wrong With Worldcoin?
Controversies surrounding the project and reservations like privacy concerns have brought about skepticism and reluctance to sign up on the platform. As part of the sign-up process, users must scan their iris using “The Orb,” available at designated locations worldwide. Once the user is verified as human, they receive the “World ID” alongside 25 WLD, the project’s native token, worth roughly $60.
Many have questioned how safe it is to use “The Orb” and how the project will handle such sensitive data, with prominent figures like Twitter’s former CEO Jack and Ethereum’s co-founder Vitalik Buterin expressing their concerns.
Stark Difference Between Pre-Launch And Post-Launch Figures
Worldcoin saw an impressive 2 million sign-ups before the project’s launch. However, there seems to be a stark difference between the pre-launch and post-launch numbers.
Hong Kong was one of the cities with the most number of sign-ups. The South China Morning Post reported that the three designated locations in Hong Kong saw a combined total of about 600 sign-ups on the first day.
According to the report, Heather Huang, an operator of one of the Orbs in the city, asserted that the 600 sign-ups accounted for almost half of the total Worldcoin sign-ups on launch day.
If 600 sign-ups represent half of the total sign-ups on the first day, that will invariably mean only about 1,200 people signed up on launch day – a not-so-impressive figure compared to how many Worldcoin claims signed up pre-launch.
WLD trails $2.2 as skepticism mounts | Source: WLDUSD on TradingView.com
Worldcoin’s Co-Founder Reacts
In what may be a direct response to the alleged dwindling signups, Worldcoin’s co-founder and Open AI CEO Sam Altman tweeted a video of many users queuing to sign up at what looks like one of the designated locations of “The Orb.”
He posted the video with the caption:
Day 3 of @worldcoin launch, crazy lines around the world. one person getting verified every 8 seconds now
Many Twitter users were quick to react to the video, with some going as far as to suggest that users who were signing up were simply doing it for the money (the 25 WLD tokens users receive upon sign-up) without being aware of the repercussions.
A particular user (@_whitneywebb) tweeted: “One person is willing to sell their soul every 8 seconds for a shitcoin and a cattle tag. Extreme clown world alert.”
Amid the mounting skepticism, WLD’s price has declined 6% to trade at $2.22 at the time of this writing, Coinmarketcap data shows.
Featured image from Analytics Insight, chart from TradingView.com