Loneliness In The Metaverse

Tuesday's here, and so is the latest BitDegree Insider newsletter.

Today we're talking about:

• ⚡Metaverse Has 'Less Than 1,000 Daily Users'
• ⚡Logan Paul's NFT Biz
• ⚡Cash Grab Opportunity
• ⚡Selected Meme of The Day
• ⚡Bite-Sized News

Lonely In The Metaverse

Everyone's heard of the Metaverse. But not everyone has actually been in a Metaverse. In fact, as the latest data suggests… metaverse platforms The Sandbox and Decentraland each have not more than 1,000 "daily users".

DappRadar, the decentralized applications' data aggregator, has shown some uninspiring numbers about how popular the above-mentioned metaverse platforms actually are.

DappRadar publishes its statistics online, and according to it, at one point, it was reported that Decentraland had '38 active users in the past 24 hours, while The Sandbox had 522 'active users'.

Currently, the numbers have changed, and, at the time of writing Decentraland had 43 users in the past 24 hours, while The Sandbox had only 3.

Important note: DappRadar's definition of an active user is understood as a unique wallet address' interaction with the platform's smart contract. A.k.a. Logging in and making a purchase with the platform's native tokens. Simple log-ins, and game-explorations don't count.

So judging from this metric it appears that the metaverse economy is obviously not experiencing its peak. That's why DappRadar received criticism.

The number of transactions may decrease, yet it doesn't mean that the amount of daily active users has dropped as well.

Example: You can explore the Sandbox metaverse during the current Alpha season with a chance to receive an expensive unique NFT prize, and you don't need to make a transaction to be able to participate in it. Earlier this year, Sandbox celebrated 2M user benchmark. It appears that the truth is somewhere in the middle.

Logan Paul's NFT Biz

Logan Paul , famous American blogger that most people either hate, love, or love to hate, bought an NFT for $626,000 in 2021.

This particular NFT was rated as the second most valuable NFT of the collection due to its rare features.

Things have changed.

The entire collection seems to have lost some of its value. The collection's floor price is $300, and Logan Paul's 'rare NFT' today is worth around $1,900 (1.5 ETH). Well, that's not a 99.9% decrease in value. It's only a 99.6% decrease.

Is this the end of NFTs?

No. The NFT market cap got overinflated by a sudden injection of money by investors who had no idea about what the NFT market actually is, how crypto works, and that this is an innovative form of investment. The market got oversaturated.

Before the NFT sector rises to its knees again, it has to go through some kind of a 'purge'. It has to dump the extra load of all the low-value, low-effort, low-quality collections, and the false marketing surrounding them.

Gary Vee famously prophesied that '98% of today's NFTs will go to zero'. We're in the process of the trash being taken away, so the real stuff could shine.

Cash Grab Opportunity

If you have minted any Solana NFTs - we have good news for you

You are eligible to claim Metaplex Coin ($MPLX).

A year ago, Metaplex (NFT platform) raised $40 million. That's a solid amount. And so today, the platform allows users to create their own NFT marketplaces and here is a bonus. You can see it here.

Selected Meme of The Day

Bite-Sized News

• MobileCoin Partners with Reserve to Launch a New Stablecoin Dubbed eUSD
• Coinbase Receives In-Principal Approval From Singapore's Monetary Authority
• Binance and Sequoia Capital Are Contributing to Elon Musk's Twitter Buyout
• Portugal's Government Aims to Impose 28% Tax on Crypto Gains