What Are the Main Criticisms of Applying Metcalfe’s Law Directly to Blockchain Networks?

The main criticism is that Metcalfe's Law assumes all network connections have equal value, which is not true for blockchain. The value of a network is not just the number of users (n), but the economic value of their transactions.

Furthermore, the n^2 growth assumption is often too aggressive and leads to overvaluation, especially for nascent networks. The law also fails to account for network segmentation, where users on one part of the ecosystem may not interact with others.