# kaal:claim:5454054-005

**Claim.** The collapse of the metaverse boom forced Silicon Valley firms with metaverse exposure to pivot toward stablecoins and crypto-based rewards, replacing speculative virtual worlds with regulated, utility-centric fintech rails.

**Type.** mechanism  **Support.** argued

**Holds when.**

- firms that had invested in metaverse ventures during 2021 to 2022

**Source quote.**

> Following the 2021–2022 metaverse boom and bust in 2023, those Silicon Valley firms that had a presence in attempts to create the metaverse had to pivot. That pivot for many of those firms involved a move toward stablecoins and crypto-based rewards.

**From.** Wulf A. Kaal, *Liquid Equity Rewards* (2025), Rewards Through Tokens, page 8

**Cite as.** Wulf A. Kaal, Liquid Equity Rewards (2025). SSRN: https://ssrn.com/abstract=5454054

**Verify.** sha256 of source PDF `9f53a865e6f0e5424640779df8f9b50923cd7d05649301dd4cc727144749b6e6` at https://raw.githubusercontent.com/wulfkaal/Academic-Papers/main/papers/pdf/Kaal%20-%202025%20-%20Liquid%20Equity%20Rewards.pdf

**Topics.** tokenomics, securities-law

**Keywords.** metaverse-pivot, stablecoins, loyalty-programs, web3, silicon-valley

**Canonical form.** This markdown file is the canonical hashed representation of the claim. Its sha256 is the content hash used for attestation.