Web3 Metaverse Platforms Could Address Loneliness Epidemic

According to Cointelegraph, emerging Web3 metaverse platforms like Decentraland and the Sandbox have the potential to address the growing loneliness epidemic in the digital age. Bay Backner, Head Producer at Decentraland and assistant university professor, emphasized the potential of these platforms to create more genuine online connections during an exclusive interview at the European Blockchain Convention in Barcelona. Backner highlighted the importance of self-actualization and connection in virtual worlds, referencing Maslow's hierarchy of needs. She noted that the compelling nature of these virtual environments is why people become passionate about the connections they make within them. Despite the proliferation of Web2-specific social media platforms, loneliness remains a significant issue globally. In the United States, 30% of individuals aged 18 to 34 report feeling lonely daily, according to a September 2024 poll by the American Psychiatric Association’s Healthy Minds Monthly. Additionally, a 2018 Cooper Vision survey found that the US population spends approximately 42% of their waking hours looking at screens. Decentralized metaverses could foster tighter online communities compared to traditional social platforms, thanks to the community-oriented ethos of blockchain and Web3. Backner stressed the importance of developing decentralized, community-owned alternatives to centralized platforms like Fortnite. She expressed concerns about the direction of capitalism and the need to explore alternative models. Decentraland’s Mana (MANA) token is currently the fourth-largest metaverse token, with a market capitalization exceeding $613 million, according to CoinGecko data. Social media usage has also seen a significant increase, growing from an average of 90 minutes daily in 2012 to 143 minutes in 2024, according to Statista. Despite the promise of revenue for users' time spent playing, Web3 or play-to-earn games have yet to achieve mainstream adoption. Backner attributed this to a lack of gameplay-focused projects with solid foundations. She emphasized the need for the Web3 gaming industry to improve its communication, particularly regarding the benefits of blockchain and digital assets within gaming environments. Currently, Pixels is categorized as the largest metaverse platform, with over 1.37 million monthly unique active wallets, according to DappRadar data.