Decentraland has just 30 daily active users despite billion dollar market cap – DappRadar data
Solana-based cyber samurai The NFT Project noted that Decentraland only has 30 daily active users (DAUs) despite its $1.2 billion valuation.
Decentraland ( $ mana ) has 30 daily active users
$1.2 billion market capitalization pic.twitter.com/u4MBNsWvwk
— SHAKE (@0x_shake) October 6, 2022
data pulled from Dapp Radar However, due to the low number of DAUs, it is under scrutiny. The alternate data sources showed discrepancies in the data, but the amount of DAUs per alternate data source was still in the hundreds.
Nevertheless, the findings raise several controversial points, such as the speculative pursuit of Metaverse tokens (and cryptocurrencies in general), the meaninglessness of market capitalization valuations, and the lack of interest in the Metaverse. I rekindled it.
Decentraland (MANA) is in a price slump.
Decentraland (MANA) is a virtual world platform on Ethereum that enables users to create, experience and monetize content and applications. The two-day Initial Coin Offering (ICO) will end on August 19, 2017, $24.14 million.
The project prides itself on being “owned by users” achieved through a Decentralized Autonomous Organization (DAO) that allows users to vote on the future direction of the platform.
“Decentraland, the first fully decentralized world, will be controlled via a DAO that owns the most important smart contracts and assets of Decentraland. and vote.”
Decentraland operates using MANA, an ERC-20 token that grants voting rights, and LAND, an ERC-721 (non-fungible) token. Burn MANA to acquire LAND. LAND is then used to pay for various things in the virtual world, such as avatars, wearables, names, and more.
But to buy virtual land you need Ethereum or MANA and can buy directly from. Decentraland Marketplace Also high seas.
CryptoSlate data shows MANA has a 24-hour trading volume of $121 million and a current market cap of $1.31 billion, with the token down 9% year-to-date, down 88% from a record high of $5.85 is falling. November 2021.
Even before the Terra UST implosion, MANA’s price was in a sharp downward trend. Since late August, the token has settled into a tight trading range with support at $0.68.
Is DappRadar Accurate?
Coindesk reporter comments on low number of Decentraland DAUs Sam Reynolds DaapRadar data counts the daily number of users interacting with smart contracts on the platform.
If so, this means DAU is undervalued. Users may be actively “playing” on Decentraland but not triggering smart contract obligations such as trading avatar wearables. Because there is. Still, the number of DAUs per DaapRadar is very low.
data from dapp.com explicitly states that the data about users refers to “the number of wallets that interacted with the dapp’s smart contract”.
The chart below shows the approximate median baseline for 600 users since July 8th. On October 5th, there were only 312 users.
