Unique Attendees at Decentraland Fashion Week Falls Sharply Year-Over-Year
Decentraland's recent Metaverse Fashion Week attendance experienced a 76% year-over-year decline, per a report today from The Block.
- The number of unique attendees at Decentraland's Fashion Week fell to 26,000 from 108,000 last year (a sharp year-over-year decline of 76%).
- Barely more than 1,000 people were online at the same time during the four-day event.
- Current weekly trading volumes for land NFTs are only around $50,000 a week.
Decentraland's recent virtual fashion week saw a significant decline in attendees, with only 26,000 unique attendees at this year's Metaverse Fashion Week compared to the 108,000 attendees at last year's event. And although the most recognizable brands like Adidas, Dolce & Gabbana, and Tommy Hilfiger sponsored shows, "a Decentraland spokesperson said the most people signed in at one time barely eclipsed 1,000 people."
Additionally, trading volumes for land NFTs within Decentraland have dropped to about $50,000 per week. These numbers are night and day compared to the "trading volumes that consistently exceeded $1 million per week through the end of 2021 and the beginning of 2022, according to The Block research."
❗ Why It Matters
The decline in attendance and trading volume in Decentraland indicates limited interest in metaverse platforms, at least at this time. CoinDesk's research concluded that the active population on Decentraland on an average day was only 810 in December 2022.
All is not doom and gloom for the future of metaverse platforms, however, as things will likely be different for Yuga's Otherside gaming platform - with Gucci entering a multi-year partnership with Yuga Labs last week. If anything, the poor attendance at Metaverse Fashion Week shows that there's still a disconnect between the types of consumers who use Decentraland and the types of consumers seeking out digital fashion events.
🎤 Community Quotes
damnnn @ this metaverse land floor price chart for Otherside, Sandbox Game and Decentraland. 😵💫— corporate trash ✨ (@corporatetrash1) April 5, 2023
tbf, it's in USD and projects can't help the price of $ETH, $SAND etc. but... ouch pic.twitter.com/0xMUckDje3
🕳️ Go Deeper
- Vogue Business - Metaverse Fashion Week: The hits and misses (March 29, 2022)
- CoinDesk News Analysis - The Final Word on Decentraland's Numbers (December 22, 2022)
- Decentraland Preps for Metaverse Fashion Week (February 28, 2023)