Virtually No Users: Despite Billion Cap: Metaverse Decentraland Becomes A Huge Disappointment | new

• Decentraland made investors euphoric
• MANA cryptocurrency with a market cap of billions
• Users seem unimpressed

Facebook’s rebranding to Meta created a real hype around the Metaverse, an interactive and immersive three-dimensional environment that Mark Zuckerberg envisioned would be accessible by people around the world on different devices. The Boston Consulting Group, for example, estimates that the global metaverse market could reach $400 billion in volume within the next two years, according to Yahoo Finance. But in the meantime, disillusion set in. This is clearly seen in the number of users of the Decentraland 3D platform.

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What is decentralization?

Decentraland is a decentralized virtual world that anyone can explore for free. By interacting with the game world, buying virtual properties or designing your own digital assets, you can also earn your own MANA Coin cryptocurrency. Decentraland virtual properties are NFTs that can be purchased with the MANA cryptocurrency, which is based on the Ethereum blockchain. The Decentraland MANA cryptocurrency currently has a market capitalization of US$1.24 billion (as of October 31, 2022).

Many companies present

Decentraland was an early pioneer of the metaverse, and for a time it actually felt like the virtual world was becoming a cultural, consumer, and social hub. Even Times Square is already in the virtual world.

It is therefore not surprising that a whole series of important companies bought virtual land at an early stage and set up their own stores and views there. Well-known investors who wanted to digitally establish themselves in the virtual 3D world include JPMorgan, Samsung and adidas. Also making headlines was the Caribbean state of Barbados, which opened an embassy in Decentraland, becoming the first country in the world to have its own embassy in the metaverse.

In this perspective, huge sums of money have been invested. One deal in mid-2021 stands out: A digital real estate investment firm acquired a total of 259 plots – the size of ten football fields – from Decentraland for more than US$913,000 to build a neighborhood there. virtual shopping.

Users stay away

But their commitment could now become a billion-dollar hole for investors. Because, as “BTC-Echo” reported in mid-October, Decentraland is far from reaching the mainstream. In the virtual world of Decentraland there is still a gaping void, you have to look for other avatars for a long time. According to DappRadar, only 516 users have been in the virtual world in the past 30 days, an average of just 17 per day. Even if only users who also act with the smart contract are counted – for example by exchanging items – the numbers are well below expectations and do not seem to justify the market value.

The fact that Decentraland is so poorly received by users could be because neither its appearance nor the activities you can do there are particularly impressive: “Graphically, they just approximate the metaverse pioneer “Second Life”, which in the started in 2003 – they can’t even begin to keep up with the current and popular hits of the game. Topics” about the digital worlds of Decentraland.

But it may also be because the idea of ​​a virtual world, in which, according to Decentraland, you can test the limits of your imagination, was particularly tempting in times of the corona pandemic. But now the days of lockdowns are over and people can once again frolic in the real world.

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Image source: Ira Lichi /

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