Early metaverse pioneer Decentraland lately wrapped up its four-day Metaverse Digital Trend Week (MVFW). Nonetheless, the occasion struggled to draw customers, with solely 26,000 attendees. This marks a 76% decline in comparison with final 12 months’s 108,000 distinctive attendees. That is additionally regardless of the participation of prime manufacturers like Dolce & Gabbana, Tommy Hilfiger, and Adidas, the utmost variety of customers signed in at one time was simply over 1,000.

Why Decentraland’s MVFW Failed To Appeal to Individuals

Decentraland, a model identify standing at a $1 billion valuation, isn’t alone in its struggles. Blockchain-powered video games and platforms like The Sandbox, Alien Worlds, and Axie Infinity have additionally failed to draw and retain mainstream shoppers. In the meantime, NFT buying and selling is only a fraction of what it was throughout the bull run. Compared, common web2 gaming platforms like Roblox and Fortnite boast tens of thousands and thousands of customers every day. So, what’s occurring?

“Though attendee numbers had been down, we had tens of 1000’s of recent guests to the metaverse,” states Dr. Giovana Graziosi Casimiro, head of Metaverse Trend Week. “For the second ever Metaverse Trend Week, we consider that we improved upon the expertise from final 12 months.”

Decentraland’s gameplay, design, and reliability have all been criticized, which can be why the platform has failed to satisfy expectations. Moreover, the entire variety of Decentraland landowners is low, with solely 8% of the 98,000 land NFTs in existence owned by distinctive holders. This implies {that a} small group of individuals could also be hoarding the land, together with Decentraland itself, which nonetheless owns round 67,000 plots. Of the 98,000 land NFTs on Decentraland, solely 8% distinctive holders exixt. This could imply that there are technically about 7,800 NFT whales that personal all land on the platform.

The Decline Of Decentraland?

Moreover, Decentraland’s native token, Mana, has additionally suffered within the bear market. With the value falling from a market cap of $6.8 billion to $1.1 billion. Within the bull run, the value of Mana ran as much as round $5, however now has a present buying and selling worth of about $0.60. This decline can also be not distinctive to Mana, as all the crypto business has been experiencing a downturn.

In a modern video by social media critic Dan Olson, he states: “In follow it’s a foul online game made up of smaller, worse video video games wrapped in real-estate scheme cosplaying as The Matrix.” Olson’s channel Folding Concepts has greater than 800,000 subscribers.

Regardless of the disappointing outcomes of the digital trend week, the occasion planners nonetheless regarded for a brilliant facet. They emphasised that Decentraland’s struggles are usually not distinctive, and that all the business is going through challenges. However, Decentraland should work on enhancing its platform if it hopes to draw and retain extra customers sooner or later.