Decentraland is valued at 1.200 billion dollars but does not reach 40 users in a day

Decentraland has been heavily promoted since before the metaverse craze that Facebook sparked with its Meta project. The idea is a vast virtual space where clothing, spaces, accessories, decorations, and everything else you can imagine in a virtual world like Second Life are NFTs ; and all management is decentralized among the users.

There has been significant investment, generally from technology investment firms looking to invest in emerging technologies from their inception, hoping they will become successful. For now, metaverses are not as established as many expect, and they lack the massive user base anticipated. A prime example is Decentraland, which has received $1.200 billion in investment but barely manages to attract 40 unique users per day.

Decentraland is talked about a lot, but very few people use it

According to data aggregator DappRadar, the Ethereum-based world had only 38 " active users " over a 24-hour period. This is undeniably a very low number, more fitting for Minecraft servers run by schools or groups of friends. It's worth noting that the company has a market capitalization of a whopping $1.200 billion.

Decentraland backtracked, stating that " active users " are defined as " unique blockchain wallet addresses that interact with their system ." This means that users who simply log on to chat or interact with others are not being counted. It's still a considerably low number, given that their system is designed for users to exchange digital goods. These figures show that purchases and transactions are concentrated among a few users.

Decentraland's creative director, Sam Hamilton, told CoinDesk that DappRadar doesn't track its users, only the people who interact with its contracts. He added that the platform averages around 8.000 users on a typical day. While 8.000 users per day isn't a small number, it's a figure that would cause many online games on Steam to shut down quickly, and we're talking about one of the biggest and most promoted promises of the Metaverse , where people are expected to gather, interact, and use the services.

Is it possible for a metaverse to work? Yes, since there are already examples of functioning virtual worlds, such as dozens of online video games that bring together tens of thousands of regular users to communicate, create worlds, and share experiences. But this isn't the metaverse many envision, which is closer to the integrated use of virtual reality, numerous integrated cryptographic functions and elements, and a supporting economy. These could work, but it's still too early to declare any of them a complete success.

Source: Futurism