While Metaverse is becoming a big trend in the tech world, there’s no guarantee of its success for all projects. Decentraland lives to tell the tale!
$1.2 Billion Metaverse Only Has 38 Active Users in Total
Nowadays, more and more companies are pushing money into Metaverse. The budget for each project might vary, reaching millions or billions of dollars. However, not all of them can generate big success like what Facebook is doing. In this case, a Metaverse project called Decentraland is now facing this problem.
In detail, Decentraland is a sandbox environment that aims at the virtual real estate market. All users can buy and sell on the platform. Moreover, they can make transaction in the form of NFTs. At its height, it was valued at $1.2 Billion. In the late 2021 and early last year, its trading volumes were aroud millions.
Things take a turn this year when a newly surfaced reports mention that Decentraland is now getting less than 40 active users. On the weekly basis, there are around 20 to 30 people buying and selling, roughly $50,000 value. Decentraland has been trying to raise this number up with a handful of activities. They recently organized a Fashion Week event with the participation of more than 60 top brands. Despite the effort, they only attracted around 26,000 users for this year, a big drop from the 100,000 number of 2022.
Response
After the revealation, Decentraland was quick to offer their explanation. They stated that these “active users” means a unique blockchain wallet addresses that are currently doing business with their system. As a result, other users who just log in or simple interaction won’t be counted into this number. In total, they are looking at 8,000 active users daily. Do you think is can be count as a good number?