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Twitter user @0x_shake, who claims to be the founder of the Solana-based Cyber Samurai NFT project, claims that Decentraland has only 30 daily active users (DAUs) despite its $1.2 billion valuation. pointed out.
Decentraland ( $ mana ) has 30 daily active users
$1.2 billion market capitalization pic.twitter.com/u4MBNsWvwk
SHAKE (@0x_shake) October 6, 2022
The data was obtained from DappRadar, but is under scrutiny due to the low number of DAUs. 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 a virtual world platform on Ethereum that enables users to create, experience and monetize content and applications. His two-day initial coin offering (ICO) ended on August 19, 2017, raising $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.
However, buying virtual land requires Ethereum or MANA and can be purchased directly from the Decentraland marketplace or OpenSea.
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 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 narrow trading range with the $0.68 level acting as support.
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 data about users refers to the number of wallets that interacted with the dapps smart contracts.
The chart below shows the approximate median baseline for 600 users since July 8th. On October 5th, there were only 312 users.
