Growth Despite Numbers
The metaverse isn’t slowing down
Despite reports of low numbers on metaverse platforms such as Decentraland and The Sandbox, investment and interest in the nascent space continue to grow.
The metaverse is still seeing growth in the investment and interest of the technology despite a recent report given by DappRadar that stated extremely low numbers in attendance on platforms such as Decentraland and The Sandbox. The numbers were shocking as they were only in the double digits. After that report, the founders of the projects respectfully corrected DappRadar and provided them with the proper metrics for determining attendance, even then the number was only just over 600 Unique Active Wallets.
These reports show a lack of attendance even with a cumulative $1.3 billion in valuation by the third fiscal quarter. The attention and curiosity about what the metaverse can bring to the future are still strong and the actual number of trades on the metaverse has totally only seen an 11% decrease. The interest in the metaverse is vast as the idea of the space is not just on one sector. The metaverse has the opportunity to span business, gaming, trade, education, and much more, almost every sector of life can be changed with the metaverse or a dedicated web3 version of a niche.
There is still strong demand for a more open type of internet, one with ownership given back to the creator, privacy given back to the individual, and voting rights not just meant for the outrageously wealthy. DAOs are also big pulls in the space as having the ability to make a vote and have it count is a big draw to a project. The metaverse isn’t just a direct business-to-consumer situation, instead, it is a web that involves stakeholders, builders, creators, users, investors, organizers, and more.
There may be a low amount of people on the metaverse platforms at the moment but the interest is still there. Low numbers have not halted the growth of the sector, nor have those numbers stopped companies from building for the metaverse. Developers know the stakes and what a massive undertaking this is.
Mark Zuckerberg has taken a lot of criticism for his moves towards a metaverse. There have been many to lament his decision and speak out against his choices. The platform Horizon Worlds has been ill-reviewed by many as the game has very little attendance or interesting offerings. Despite all of this the leader of Meta (Formerly Facebook) is intent on seeing things through. Those in the space know what they are doing, know the massive task that lies before them, and what rewards await at the end. There will always be negative sentiment towards things that are unknown or not clear, it’s just human nature to be suspicious.
Gaming and GameFi will probably be the onboarding element for the metaverse but that won’t be the end of the technology, from there the sky will be the limit as the world undergoes yet another metamorphosis. Once more people understand the technical aspect of the metaverse things will undoubtedly get easier. Gaming has been the moving piece of the metaverse and web3 so far and will probably be the way to push the technology for the next few years. Once that has become accepted more things like shopping, learning, business, and trade can become used on the tech too.
The metaverse is not fully developed nor is it fully defined at this moment but the fact remains that even without a full definition and tons of critique it would seem the space is still moving at full speed and the future of the internet will definitely be different from today.
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