The first wave of decentralized AR companies (2021–2022) largely failed — but not because the idea was wrong. OVR survived by rewarding users for real contribution (map2earn); Cult1vate collapsed because its mint math required constant price appreciation to make sense. Since then, the infrastructure has matured: Apple Vision Pro and Meta Ray-Ban brought AR hardware to consumers, Layer 2 networks cut gas fees from hundreds of dollars to cents, Niantic's SDK lowered the development floor, and DePI...