Decentraland Metaverse Fashion Week attendance plummets 76% amid 'worrisome' trading volume

Quick Take

  • Fashion Week attendance on Decentraland dropped to 26,000 from 108,000. Barely more than 1,000 people were online simultaneously during the four-day event.
  • Weekly trading volumes for land NFTs are about $50,000, as only 20 to 30 people are buying and selling Decentraland property. Volumes previously were in the millions.

Decentraland recently wrapped its four-day virtual fashion week. It would be hard to argue it was a success.

While the metaverse platform attracted 108,000 “unique attendees" last year, the company said only 26,000 attended this year, a dramatic decline of 76% for the event that ran from March 28 through March 31. Despite top brands like Dolce & Gabbana, Tommy Hilfiger and Adidas all sponsoring shows, a Decentraland spokesperson said the most people signed in at one time barely eclipsed 1,000 people. 

Decentraland has been valued at $1 billion, and its native token, mana, once had a market capitalization of more than $6 billion. Event planners tried to look for a bright side.

"Although attendee numbers were down, we had tens of thousands of new visitors to the metaverse," said Dr. Giovana Graziosi Casimiro, head of Metaverse Fashion Week.  "For the second ever Metaverse Fashion Week, we believe that we improved upon the experience from last year."

Decentraland winter

The crypto winter is real and Decentraland’s struggles are not unique. Exchanges have collapsed, non-fungible token trading is a sliver of what it was during the bull run, and companies have been forced to lay off large numbers of employees. Blockchain-powered games and platforms like Decentraland, The Sandbox, Alien Worlds, and even Axie Infinity — which enjoyed a brief moment in the sun — are all failing to attract and retain mainstream consumers.

As a matter of comparison, popular gaming platforms like Roblox and Fortnite boast tens of millions of users daily. Roblox reported it had more than 58 million daily users during the last quarter of 2022. Fortnite’s daily active users surpassed 34 million last year.

Decentraland’s gameplay, design and reliability have all been criticized and may be why the platform is a disappointment for many.

“In practice it’s a bad video game made up of smaller, worse video games wrapped in real-estate scheme cosplaying as The Matrix,” said Dan Olson, an influencer who discusses a variety of issues on his YouTube channel called “Folding Ideas” that has more than 800,000 subscribers.

The platform, originally founded by Argentinian coders Esteban Ordano and Ari Meilich, officially opened to the public in early 2020.