Although the metaverse has become a hot topic in business and Web3 circles, this technological innovation is still struggling to attract new users and struggling to take off.
According to information collected from DappRadar, Decentraland thus registered 38 active users over a 24-hour period, while The Sandbox would have registered 522 users during a similar period.
These results are quite alarming for the two best-known metaverses. These two crypto-NFT projects also have a market capitalization valued at more than a billion dollars, which could suggest that more users would have joined these metaverses.
Both companies, however, disputed DappRadar’s disclosures and the corresponding publication. Decentraland refuted the numbers, saying, among other things, that they actually had 8,000 daily active users.
The fact that DappRadar only monitors active users, i.e. those who engage with a platform’s smart contract, was also highlighted.
For his part, Arthur Madrid, the CEO and co-founder of The Sandbox, refuted DappRadar’s claims, saying his company’s metrics only included user-to-user transactions and excluded other users.
A daily active user being a person who logs in at least once a day. Despite these responses, it is important to remember that these two projects are valued in billions of dollars, which, regardless of the number of visits, does not correspond to market expectations in relation to the investments that have been made.
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Why do metaverses have trouble getting off the ground?
The metaverse is a digital universe that has been in development for years, but hasn’t really taken off yet (also discover what is a metaverse coin). There are a number of reasons for this, including the fact that it’s still in development and not yet user-friendly enough to appeal to mainstream audiences.
Also, it is difficult to create a metaverse that is attractive and compelling enough to attract users and then keep them engaged.
With so many other virtual worlds and digital universes already available, the metaverse will have to offer something unique as well as more attractive than what already exists (especially with online video games) if it is to achieve success in imposing itself as the new reference on the market.
For those who are not familiar with the concept of the metaverse, know that it is based on blockchain technology. The blockchain is the foundation on which Bitcoin and many other cryptocurrencies were built. This technology is now also used in the development of metaverses.