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    Decentraland Has Only 32 Daily Active Users Its Market Cap of Roughly $1.3B

    As reported by DappRadar, the number of active users of Decentraland over the past 24 hours is only about 32 and The Sandbox is 537. However, DappRadar only counts the number of daily users interacting with smart contracts on the platform. A person is considered an active user when they use their wallet address logged into The Sandbox or Decentraland to buy SAND or MANA. That means the daily active users are underestimated because there may be some users who just “play” in Decentraland, not buy or sell tokens.

    Source: DappRadar

    Although the above figures do not completely reflect the actual number of users of Decentraland or The Sandbox, the active users per DappRadar is extremely low. At its peak, Decentraland had 675 daily active users while The Sandbox had around 4,503. Thus, based on the DappRadar report, the number of daily users of Decentraland has decreased by about 95% and The Sandbox was 88%.

    The active users are so small but both of these metaverse projects are known as “unicorns” in the industry with the market cap of over $1 billion. The Sandbox (SAND) is about to raise $400 million with a valuation of $4 billion, meanwhile, Decentraland’s MANA token has a total market cap of $1.26 billion according to data from Coingecko.

    It can be seen that tokens appear to be quite overvalued based on how much it is actually used. The biggest challenge facing the GameFi, NFT, and metaverse is: How to create projects that appeal to active users, not just crypto speculators.

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