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Cryptocurrency News Articles

Metaverse Hype Wanes Amidst Lackluster User Adoption

Mar 22, 2024 at 08:04 pm

Metaverse Hype Wanes Amidst Lackluster User Adoption

Is the Metaverse Hype Waning?

Venture capital and major brands are pouring money into the metaverse, but user adoption is lagging. Token prices for Decentraland's MANA, Axie Infinity's AXS, and The Sandbox's SAND have plummeted this year, underperforming Bitcoin significantly.

Low User Engagement: A Red Flag?

Despite the massive investments, daily active users (DAU) for these metaverse platforms remain dismal. Axie Infinity's DAU has dropped 30%, The Sandbox's has fallen 29%, and Decentraland has lost 15% in the past 30 days.

Comparing to Mainstream Games: A Sobering Reality

When stacked against popular Steam games like Counter Strike, Dota 2, and PUBG, the metaverse games' user numbers pale in comparison. It raises the question: Are these games actually fun to play?

Gamers' Hostility to GameFi

Ubisoft's NFT efforts bombed, and a recent industry survey revealed that most studios have no interest in embracing crypto or NFTs. Messari's research suggests that gamers may be turned off by the monetization aspect of GameFi.

Pay-to-Win Mechanics: A Turnoff

Messari's Mason Nystrom argues that allowing players to buy NFTs or in-game currency creates pay-to-win mechanics, which are frowned upon by successful game franchises.

Quality Gameplay: A Path to Redemption?

Some industry experts believe that high-quality gameplay can coexist with GameFi and the metaverse. Red Door Digital's See Wan Toong sees crypto funding as a way to free games from the constraints of major studio bankrolling.

The Verdict: A Wait-and-See Approach

It remains to be seen whether this view will gain traction. The metaverse and GameFi are still in their early stages, and their future success hinges on user adoption and the development of engaging and sustainable gameplay experiences.

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Other articles published on Oct 30, 2024