$1.2 Billion Metaverse Horrified By Report It Only Had 38 Active Users

Credits: Decentraland

Technology has changed the way we live forever, and now, diverse companies have been betting on what’s known as “the metaverse.” This time, a project known as “Decentraland,” which allows people to buy and sell virtual real estate, hasn’t had the effect its creators expected on people.

DappRadar reported that the Ethereum-based world Decentraland had 38 active users throughout the course of 24 hours, despite the $1.2 billion market cap.

On the other hand, Decentraland describes the concept of active users as “unique blockchain wallet addresses” that are actively interacting with its platform. Hence, people who log in for social purposes, such as chatting or befriending others, are not part of the statistics.

While a great part of the population believes that the metaverse is the future of the internet, the truth is that having 8,000 users a day is abysmal for something with such an intention.

It becomes even worse if the platform uses the blockchain as an “incentive” to keep people hooked on the new platform, especially if there are only a few transactions happening per day there.

In recent years, we’ve seen how the interest in cryptocurrencies and NFTs, among other virtual real state and blockchain-related assets, has diminished.

Decentraland reported via Twitter that it had “1,074 users interacting with smart contracts” throughout September in an attempt to do damage control. Even if the report seems to be a bit more “positive” than the information reported by DappRadar, it is practically irrelevant compared to the amount of money invested into the platform.

The metaverse’s future is still uncertain, as most people don’t seem to be interested in it.