decentraland metaverse fashion week

We’ve written about web3 virtual world Decentraland’s Metaverse Music Festival before, but its other big annual event is Metaverse Fashion Week.

How did that go this year? According to web3 industry news site The Block, not so well.

Citing Decentraland’s own figures, it reported that attendance at the event fell from 108,000 people in 2022 to just 26,000 this year – 76% down, despite the presence of brands like Dolce & Gabbana and Tommy Hilfiger.

“Although attendee numbers were down, we had tens of thousands of new visitors to the metaverse,” was the optimistic take from Metaverse Fashion Week chief Dr. Giovana Graziosi Casimiro.

However, the same article claims that weekly trading volumes for virtual land in Decentraland has fallen from $1m at its peak in late 2021 and early 2022 to around $50k now.

This isn’t the first time Decentraland’s scale has made headlines. In October last year, a report claimed that the world only had 38 daily active users. It turned out that this was just the number of people interacting with its smart contracts (i.e. buying NFTs/land).

Still, the official daily total of 7.1k unique visitors was still a far cry from the biggest non-web3 games and virtual worlds like Roblox and Fortnite, which count their users in the millions and tens of millions.

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Stuart Dredge

Music Ally's Head of Insight

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