According to the co-founder of Animoca Brands, active users are not the only way to measure the success of blockchain games, as they explain why the Metaverse metrics are falling.
Recent reports detail the low user count of major Metaverse platforms, such as Sandbox and Decentraland. Given the $4 billion and $1 billion valuations of the respective platforms, the daily user count of each seems surprisingly low.
Measured as a “unique active wallet” on DappRadar, both ranged from the low to mid 600 of the previous day.
Animoca Brands: Measuring active users a difficult task
But representatives from each Metaverse platform have spoken out about how misleading this metric is. For example, Decentraland creative director Sam Hamilton argued that the metric does not represent active users on the platform. Instead, he said the measure only represents “people who negotiate with our contracts.”
Hamilton acknowledged that numbers of “tourists and spectators” have declined since peak attendance in March. However, he stressed that the number of users returning on a daily basis continues to rise.
Hamilton said a dashboard created by the platform’s community provided a more accurate assessment of overall usership. While the dashboard shows a decline in unique visitors over the past week, the figure still stands at over 6,400.
Regarding the sandbox, Animoca Brands co-founder, Yat Siu, who owns the platform, also disagreed with Dappradar’s metrics.
While its calculations include the sale of virtual land represented by non-fungible tokens (NFTs), Siu said that many users hold these NFTs instead of selling them.
According to Siu, there are 200,000 active users on the platform on a monthly basis. However, he added that there are other metrics that more accurately reflect user engagement on the platform.
He cited the number of new employees on the platform as well as the amount of revenue generated. Highlighting the high-roller status of landlords on the platform, he said that each has a wallet of between $500,000 and $2 million.
Good news out of Hong Kong on Axi Infinity
Animoca Brands is responsible for the most popular blockchain-based video game, Axi Infinity. The co-founder said that blockchain-based games have largely spared the discontent that has plagued the cryptocurrency industry over the past year.
Siu said he expects the sector to see some impetus in Hong Kong in the coming weeks. Island City announced that Web3 and the Metaverse will be the focus of its upcoming Fintech Week. During the event, the organizers said that they will also introduce a new regulatory approach to cryptocurrencies. Siu said organizers had invited him to speak at the event, which he said made him “optimistic” about the proposed reforms.
All information contained on our website is published in good faith and for general information purposes only. Any action taken by readers on information found on our website is strictly at their own risk.