According to Cointelegraph, emerging Web3 metaverse platforms like Decentraland and the Sandbox hold promise in addressing the increasing loneliness epidemic in the digital age. Bay Backner, Head Producer at Decentraland and an assistant university professor, discussed the potential for these platforms to foster genuine online connections during an exclusive interview at the European Blockchain Convention in Barcelona.

Backner emphasized the significance of self-actualization and connection in virtual environments, referencing Maslow’s hierarchy of needs. She noted that the immersive nature of these metaverses drives people to forge passionate connections within them. Despite the rise of Web2 social media, loneliness remains a pressing issue, with 30% of individuals aged 18 to 34 in the U.S. reporting daily feelings of loneliness, according to a September 2024 poll by the American Psychiatric Association’s Healthy Minds Monthly. Furthermore, a 2018 Cooper Vision survey indicated that Americans spend approximately 42% of their waking hours in front of screens.

Decentralized metaverses may create stronger online communities compared to traditional social platforms, thanks to the community-centric ethos of blockchain and Web3. Backner highlighted the need for decentralized, community-owned alternatives to centralized platforms like Fortnite, voicing concerns about the current trajectory of capitalism and advocating for the exploration of alternative models.

Decentraland’s Mana (MANA) token is currently the fourth-largest metaverse token, boasting a market capitalization of over $613 million, according to CoinGecko. Social media usage has also surged, increasing from an average of 90 minutes daily in 2012 to 143 minutes in 2024, as reported by Statista.

However, despite the potential for revenue generation through play-to-earn models, Web3 gaming has yet to reach mainstream adoption. Backner attributed this challenge to a shortage of gameplay-focused projects with solid foundations, stressing the need for better communication within the Web3 gaming industry about the advantages of blockchain and digital assets.

Currently, Pixels leads as the largest metaverse platform, with over 1.37 million monthly unique active wallets, according to DappRadar data.