Virtuals Protocol, a platform that lets users create and monetize AI agents, is now generating less than $500 in daily revenue, according to data cited by Blockworks researcher Sharples in an April 8 post on X. At its peak on January 2, Virtuals was pulling in over $500,000 a day, riding high on AI hype and a surging token price of $4.61. But just three months later, the wheels seem to have come off. On April 7, Virtuals’ token was trading as low as $0.42, and the daily creation of AI agents—once more than a thousand per day—has ground to a halt. Sharples noted it’s been “about a week” since a single new agent was launched. This plunge comes despite the project’s January 25 announcement of an expansion to Solana. It seems the market wasn’t impressed. AI Agents Face Broader Headwinds The collapse of Virtuals isn’t happening in isolation. The entire AI agent sector is showing signs of fatigue. According to Dune Analytics, the total market cap of AI agents now stands at $153.81 million, with nearly half of that—$76.6 million—tied up in AIXBT, a token designed to track crypto sentiment on X. AIXBT itself has plummeted 92% since its January high of $0.90, now trading at a mere $0.07. DeGen Capital contributor Mardo suggested the revenue collapse may also be a consequence of Virtuals’ internal terms, including “withholding token taxes” from developers—something competing platforms typically refund. Combined with an overall bearish crypto market and escalating global economic fears, many are now questioning if the AI agent boom was ever more than a short-lived bubble. AI Agents Still a Work in Progress Part of the skepticism stems from the quality of the products themselves. Critics have called out the limited usefulness of current AI agents, with AI influencer BitDuke saying bluntly, “ChatGPT wrappers are no longer interesting.” Another commentator, DHH, added that the idea of agents replacing developers is “delusional—for now.” Even Infinex founder Kain Warwick admitted the first wave of AI agents was essentially “garbage,” but expressed hope for a rebound in the future. The post Virtuals Protocol Crashes to $500 Daily Revenue as AI Agents Craze Fades appeared first on TheCoinrise.com .