Over recent weeks, the media witch hunt against Web3 and NFTs has taken a turn for the brutal, its latest manifestation seeing Decentraland caught in the crosshairs of dubiously interpreted statistics.
Earlier this month, NFT doomsayers latched onto the figures provided by DappRadar’s excellent Web3 charts. As a result, taking in the woefully low ‘users’ number and using it to spearhead an Web3 derision campaign in order to arrive at its number, DappRadar requires users to log in and make a transaction within the platform. Therefore, only recording those that make a purchase within Decentraland using the native $MANA token.
In reality however, most of Decentraland’s visitors will not make transactions while engaging with the virtual world, seeing the majority of purchases occur off-chain in Ether while a number of high-profile branding exercises do not require physical transactions at all. In addition, a large portion of its userbase engages with Decentral Games’ Ice Poker destinations, which use their own $ICE utility token.
What we track there is explained in your screenshot – on-chain interactions (transactions). Having said that, we understand on-chain is not telling the complete story for every dapp, that’s something we are actively working on. The future is a combination of on & off chain data
— Skirmantas Januškas (@SJanuskas) October 8, 2022
According to Decentraland’s own data, the platform receives approximately 6,999 unique users per day. Therefore, demonstrating a huge disparity depending on the information used. All in all, statistics can prove a useful tool in gauging interest in a platform, however, they remain as-ever open to misinterpretation.
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*All investment/financial opinions expressed by NFT Plazas are from the personal research and experience of our site moderators and are intended as educational material only. Individuals are required to fully research any product prior to making any kind of investment.
