Many have claimed that Facebook’s new Virtual Reality World Metaverse is the future of society. But so far the project hasn’t seen the success that it had anticipated. The recently launched sandbox environment by Metaverse that allowed users to buy and sell real estate wasn’t exactly teeming with people. 

According to data aggregator DappRadar, Metaverse’s Sandbox environment Decentraland only had 38 “active users”. This data is recorded over a period of 24 hours. This number is astonishingly low considering the company has a market cap of a colossal $1.2 Billion. 

What are “active users” according to Decentraland? 

“Decentraland” the sandbox world by Metaverse, explained the whole ordeal by saying “active users” are defined by individuals with blockchain wallets who directly interact with the system. This applies that the users who only log in to chat with other users and interact with the virtual environment are not counted as “active users”.  

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Decentraland’s creative director Sam Hamilton said, “DappRadar doesn’t track our users, only people interacting with our contracts.” He also added that Decentraland on average gets around 8000 users every day. 

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But even this number is quite low as the metaverse is considered to be the tomorrow of online communication. And with a valuation of around $1.2 billion, the expected number is much higher than it is currently getting. 

What is the future of Metaverse?

This stat is a great example of how big the gap is between the market value and the active users that have been using the Web3 world for the previous time. This is also a great indication that the market of virtual estate and blockchain-related assets has been slowing down. This means the valuation of cryptocurrency and NFTs can witness a serious hit in the recent future.  

That being said, the future of Metaverse seems to be very concerning. Each day the market is seeing more losses than profits and the common conscious being distant from the CryptoCurrency scene isn’t helping at all. 

Even the portfolio manager at digital asset investment firm Arca, Sasha Fleyshman, said, “Anyone telling you that there’s a metaverse today that has worked is lying through their teeth,” giving an idea of the current situation of the metaverse.

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What do you think about the Metaverse? Do you think it is the future of our communication? Let us know in the comments below!