Attack or defence? – Economic players are increasingly curious about the metaverse and their interest is growing day by day. The bear market does not seem to discourage them, but some cassandres believe that the metaverse is already deserted. Leaked data suggests that the bubble has already burst, but the architects of this environment are defending themselves against what they believe to be metaverse misinformation.
DappRadar at the origin of misinformation
data published by DappRadar estimate that the number of daily users of the metaverse would be anecdotal. Indeed, the company’s observers believe that there is only 30 daily users on Decentraland. A number that looks small when compared to the company’s market capitalization of $1.2 billion. The problem: this data is made up of metaverse users who have made an in-game purchase.
The platforms therefore reacted to this report suggesting very low daily activity. They claimed that a measure “misinformed” was used to calculate the number of daily users. The answer to this disinformation on the metaverse is therefore: no, NFTs and the metaverse are not dead!
The CEO of The Sandbox (SAND), Arthur Madrid wished to recall that the transactions made do not represent the number of users. He also mentioned the usefulness of an NFT, the owners of NFT “invest in a token that will increase in value over time and according to the utilities”.
Some comments about Web 3 metrics:
= Web 3 player worth more than Web 2 players engaged with a wallet, all payers VS low conversion in "Freemium" model;
= on chain transactions does not mean Users;
= NFT owners invest in an asset that will grow in value over time based Utilities; https://t.co/IIpsDjRUnm
— Arthur Madrid (@arthurmadrid) October 10, 2022
As for Decentralized (MANA), they replied that better statistics could be found at DCL Metrics, a custom-built data aggregator for Decentraland. Unlike DappRadar data, it measures the number of daily users via the number of logins followed by a logout on a plot.
The metaverse is doing well but is going through a delicate period
The distinctions are important because 1,074 people interacted with smart contracts in September at Décentraland. However, they are indeed 56,700 people who connected to the platform in September. So we have 1,89% users who make purchases.
Lately, there has been a lot of misinformation on the number of active users of Decentraland. Some websites are tracking only specific smart contract transactions but reporting them as daily active users DAU, which is inaccurate.
— Decentraland (@decentraland) October 7, 2022
Similarly The Sandbox has refuted criticism of its daily user count. The platform declares that it counts 201 000 monthly users. It is therefore necessary to use the data of the blockchain with hindsight and not to make hasty interpretations to avoid misinformation on the metaverse.
The frequentation of the metaverse worries at a time when the market is entangled
A Reddit thread shows that the attendance of these metaverses is the greatest source of concern for investors. It was in this thread that a user derided Decentraland by calling it a « Desertedland ». As you will have understood, the transatlantic metaverse is described there as ghost town. This controversy dates back to when the bear market is putting the most legitimate metaverse projects to the test. How to explain it Alexander Stachchenko, the market is in the consolidation phase.
Indeed the market saw the price of tokens of these metaverses to lower drastically. The Decentraland token, the MANAfell from $5.85 (ATH) to $0.66, a decrease of 88,7 %. For his part the SAND is at $0.79 when its ATH was $8.40, a drop of 90,5%. The market caps of The Sandbox and Decentraland are currently respectively 2.37 billion dollars and 1,44 billions of dollars.
DappRadar therefore published non-erroneous information but misinterpreted it leading to misinformation about the metaverse. This prompted Decentraland and The Sandbox to make amends by posting and detailing their form on social media. So it seems that the metaverse is not dead and many users still browse these platforms every day. However, it should be noted that the figures have plummeted, which reveals that the metaverses are going through a delicate period. To find out more about salt and pepper news in this environment, read our report from last month.
The fall in prices also impacts the metaverses. Take advantage of current market conditions to quietly accumulate Bitcoin..