What holds Metaverse usage down!

Why are metaverse companies struggling with small user bases?
Recent data leaks from Meta, and analytics shown by dappRadar and defillama, indicate that the real metaverse experience is still years away from happening. Among the challenges, major companies highlight the lack of interest shown by their users, the hard onboarding process, and the inadequate experience shown by developers to build an engaging virtual world.

During November 2021, and in parity with the new “Meta” rebranding by Mark Zuckerberg, google trends showed a metaverse peak search that led retail investors to think that the fully immersive metaverse experience was already here.

Consequently, projects like Decentraland ($MANA), Sandbox ($SAND), and AXIE ($AXIE), among others, flew to price discovery mode. The rising interest shown by crypto enthusiasts recorded some of the highest-ranked ROIs among savvy investors.

Almost one year later, and while the metaverse craze has slowed down, the hype is fading, and the usage of any of these virtual worlds seems to be years away from becoming adopted by the mass crowd.

According to a report published by Coindesk on October 7th, 2022, data suggests that the two major metaverse platforms, currently with a valuation over $1 Billion, have less than one thousand, Daily Active Users (DAU). While the term “active user” might be debatable, and the data was instantly refuted by Decentraland, it is clear that major players are struggling to retain and grow their user base.

What’s holding mass metaverse usage down?

It’s unquestionable that the “buzzword” of 2021 comes with multiple untapped opportunities for users and companies. However, the retail audience still lacks understanding or interest in the metaverse. While some may say that the lack of interest comes from the unexistence of high-quality and eye-appealing graphics, multiple other factors should be taken into consideration.

At its core, the value proposition shown by metaverse companies still has gaming as a central element, being gaming one of the most rapidly growing sectors worldwide you could expect it to be a reasonable choice. However, with the countless possibilities on the horizon, new verticals should arise in the coming years, such as sports, entertainment, workplaces, and so on.

While metaverse and crypto seem like the ideal match, this symbiosis is far from perfect. Metaverse companies are trying to build interoperable worlds that connect worldwide citizens. Thus, it is only fair to assume that the existence of one economic model able to guarantee fast transactions and reduced fees without geopolitical barriers is a crucial factor for its success.

Another problem kicks in: the lack of payment getaways able to provide seamless experiences for users that are already aware of web3, but more importantly, for newcomers who have never interacted with custodial or non-custodial wallets.

How Can Payment Gateways Bring Forth Metaverse Adoption?

While land plot prices, users, and transactions keep decreasing due to the lack of interest shown by the native crypto user, it is now time to open up the scope and properly onboard non-web3 people.

For any web3 company to be able to compete with its web 2.0 rivals, the onboarding of “no-coiners” is crucial. This can only be possible through a seamless interaction with the protocols, meaning, a user-guided journey where there are no needs for hassles and users can easily top-up their “avatars” without hours of learning how to set up a “metamask wallet”.

The need for the integration of a seamless fiat-on-ramp solution can be pivotal for every metaverse project that wants to compete with its web 2.0 contenders.

Over the past year, tens of billions have been invested in the metaverses, more than double the amount from the previous year. In the ASSETUX app, you can invest in the Metaverse portfolio, and buy popular metaverse tokens on the website:
@Diviner Protocol
@XCarnival
@Woonkly Power
@Highstreet
@Axie Infinity
@Injective

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Assetux Team

№1 Fiat - #Web3 gateway for #EVM ecosystems ❤️ Buy thouthands of #tokens traded on top #DEX with credit and debit cards 🚀