Yes that makes sense. However, I would argue also that the normal conversion rate of a website is lower than 2 percent. Splinterlands seems to lag that but not by much.
Also, more people that join the community can have a compounding effect based on word of mouth. I just feel that there is a large community of card players that probably have no idea about Splinterlands.
we don't even go by the number of visitors like other sites, but only by the people who actually register and test the game, that so few of them buy a spellbook is hard. because if people already register to test, their interest seems to be there ;)