Science

The $1.2 billion project only has 38 truly active users in its metaverse.

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The name of this “small” $1.2 billion project is Decentraland. Despite the very high valuation of the stock market, this universe, which claims to be the “Metaverse”, has failed to attract crowds. It currently has no more than thirty truly active users.

Decentraland is an environment for buying and selling user-generated virtual real estate. Transactions are based on cryptocurrencies, more specifically Ethereum (ETH). Specifically, in terms of gameplay, it is a kind of creative sandbox: “Explore user-owned EARTH to discover incredible scenes and structures. From a space adventure to a labyrinth of medieval dungeons and entire villages created in the minds of community members,” the platform’s website reads as an introductory guide.

Despite the strong assessment, at least we can say that it was not unanimous. Cryptocurrency media outlet Coindesk studied Dappradar data to analyze the platform. Result: In the last 24 hours before the analysis, it would have attracted only 38 active users. A startlingly low figure considering the scale of Decentraland, which has a $1.2 billion market cap. Sandbox, Decentraland’s market competitor, had 522 active users during the same period. The maximum number of active users counted was 675 for Decentraland versus 4503 for The Sandbox.

8000 real users

“Importantly, an active user, according to DappRadar, is defined as the interaction of a unique wallet address with the platform’s smart contract. For example, logging into The Sandbox or Decentraland to make a purchase with SAND or MANA, each platform’s respective native utility token, is considered “active use”.

This means that users who log in briefly, for example to participate in an event, and simply interact with users are not considered active users. “DappRadar doesn’t track our users, only those who interact with our contracts,” Decentraland creative director Sam Hamilton justifies to CoinDesk. According to him, the platform averages about 8,000 users a day.

A number that remains modest for a metaverse that would like to position itself as the future of online communities. “If the blockchain is the main economic mechanism of business, then it’s completely embarrassing if only a few dozen transactions occur per day,” Futurism magazine notes somewhat caustically in its article.

Of course, this is just one project out of many. If the numbers surrounding this project are causing so much noise, it is no doubt because they very well reflect a certain dichotomy that is characteristic of the current metaverse. “In short, this is a perfect example of the huge mismatch between market value and actual users that has plagued the Web3 world for years,” notes Futurism.

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