Metaverse Decentraland: The virtual music festival does not help the project recover

Metaverse Decentraland and the Kraken Exchange are hosting a virtual music festival with over 200 artists on over 15 stages. This four-day festival doesn’t seem to appeal to Decentraland users.

What better way to lift morale in this bear market than a good music festival in the decentralized metaverse? Artists from all over the world, a festive atmosphere and many other surprises… All without leaving the comfort of your sofa.

Imagine a free festival featuring over 200 artists from around the world including Björk, Ozzy Osbourne, Motörhead, Soulja Boy, Atarashii Gakko !, Dillon Francis, Breland, Izzy Bizu, Vladimir Cauchemar and many more on over 15 stages. This is what Decentraland and Kraken promise.

baptized # DCLMVMF22, the Decentraland music festival, which started on November 10, will end on Sunday. On the program: music, innovation, culture and creativity.

Source: Decentraland.org

Decentraland Music Festival: When the Metaverse meets the real world

Launched in 2020, Decentraland is a 100% virtual world based on the Ethereum blockchain. Decentraland, which prides itself on being the world’s first decentralized metaverse, recently organized a completely free music festival.

In addition to being accessible to all, the metaverse festival does not require a ticket or a VR headset. However, in order to participate you must register at this link.

Decentraland partnered with cryptocurrency exchange Kraken to host the festival. The program of events and activities is available on the official event page.

decentralized and mana
Source

Several brands, including Limewire and Ozzy Osbourne’s Ozzfest music festival, sponsor some stages and create their own experiences in the metaverse. The list also includes international DJs such as Gramatik, Yokoo, Arapu and Plastik Funk.

Ozzfest will be giving away VIP access and free clothes to Osbourne’s NFT CryptoBatz holders. They will also be able to “take a potion”, transform into a bat and fly to a private balcony to watch the concerts more closely.

Here is an overview of the program of Ozzfest, the famous metal music festival launched by the couple Ozzy and Sharon Osbourne:

Source: Ozzfest stage

How to participate in the Decentraland festival?

As mentioned above, you must first register to attend the event. Decentraland recommends using its desktop client to benefit from a faster and more stable connection and better video / image display.

In its official blog, the Metaverse project stated:

“A lot of things will happen during the festival, the experience will go beyond the virtual. If you are new to Decentraland, you can find a short guide to the festival program here“.

Once registered, you can switch between scenes in just a few clicks.

Iara Diasproducer of the Decentraland music festival, stressed that “the event aims to recreate some aspects of real-life music festivals while exploiting the possibilities offered by the metaverse”.

“We want people to be mesmerized by the festival. We can push the limits of physics while staying safe, ”she added.

Decentraland also shared a tweet detailing the festival’s program and objectives.

The first edition of the Decentraland music festival, which took place last year, hosted international stars, including 3Lau, Alison Wonderland, Deadmau5 and Paris Hilton.

As reported by BeInCrypto, 50,000 people attended the first edition of the Decentraland music festival. Was the event the same success this year?

A festival without an audience?

In an article published on Oct. 21, the Decentraland metaverse team said, “Despite the economic uncertainty that markets are currently facing, interest in metaverse platforms continues to grow.”

Since May, Decentraland has recorded an average of 800 unique active portfolios per day.

As this graph from DappRadar shows, that number currently stands at 645.

Source: DappRadar

However, the UK edition of BeInCrypto reported last month that the daily number of active wallets dropped to 380 during the second week of October, suggesting participation in the Decentraland music festival may not be very high.

We also note that Decentraland no longer makes much noise within the cryptographic sphere. Despite an increase in the number of Decentraland hashtags on social media over the past three days, social engagement doesn’t seem to be there.

Decentral
Source: Lunar Crush

The question is: where are the Decentraland users?

While the music festival may not have managed to pique the interest of users, the lands of the metaverse are still on the rise. Despite the current circumstances in the cryptocurrency market, virtual land still attracts investors.

As the graph below shows, land sales in the Decentraland metaverse have increased significantly.

virtual textures
Source: OpenSea

On the Opensea market, Decentraland rose to third place in the ranking of the most traded NFT collections.

Additionally, an NFT virtual land on the Decentraland metaverse was recently sold for $ 3,818 (5,980 MANA), which is 1.70 times the current low price. The metaverse currently offers more than 97,000 plots of land, each of nearly 5 m2.

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