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Decentraland Metaverse Music Festival Fails to Boost Network Activity

4 mins
Updated by Kyle Baird
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In Brief

  • Decentraland kicks off its Metaverse Music Festival despite bearish market sentiment.
  • The metaverse-focused project partnered with the Kraken crypto exchange to host the festival.
  • The average number of unique active Decentraland wallets still fails to impress.
  • promo

Decentraland and Kraken are hosting a Metaverse Music Festival with 200+ artists on 15+ stages spanning four days. But users still seem to prefer virtual lands over a virtual music festival.

Who doesn’t like a music festival? Different artists from across the globe, good food and drinks, all come together to make the perfect ambiance. A holiday away from home during warm weather with friends and loved ones.

But what if the festival tickets are way too expensive? Or sold out? Or even worse, the festival was canceled due to restrictions. What then? 

Here’s another suggestion that one might consider avoiding such circumstances. All you need is to be present from the comfort of your couch. 

Imagine being able to see 200+ artists from around the world, including Björk, Ozzy Ozborne, Motörhead, Soulja Boy, Atarashii Gakko!, Dillon Francis, Breland, Izzy Bizu, Vladimir Cauchemar, and many more on 15+ unique stages for free. 

Source: Decentraland.org

This is now a possibility with the Decentraland Metaverse Music Festival #DCLMVMF22, a four-day celebration of music, innovation, culture, and creativity. 

Decentraland Music Festivals: Virtual Meets Reality 

Decentraland, launched in 2020, is a virtual social world. It is powered by the Ethereum blockchain and claims to be the first decentralized metaverse. This virtual reality platform is hosting the music festival from Nov. 10 to 13. 

The festival is free of charge and requires no tickets or VR headsets. Yes, you heard that right. 

But visitors need to pre-register for the event on a dedicated website

Decentraland is partnering up with the Kraken crypto exchange to host the Metaverse Music Festival. All events and activities are listed on the dedicated festival event page.

Source: Metaverse Music Festival

Several other brands, including Limewire and Ozzy Osbourne’s music festival Ozzfest, are sponsoring specific stages and creating their own branded experiences. The list also includes top DJs like Gramatik, Yokoo, Arapu, and Plastik Funk.

Ozzfest will include VIP viewing access and free wearable merchandise exclusively for Osbourne’s NFT CryptoBatz holders. The NFT holders will be able to “take a potion,” transform into a bat, and fly to a private balcony to watch the shows from a much closer viewpoint. This is in addition to free, exclusive wearables.

Here’s a glimpse of the Ozzfest lineup, the iconic global touring metal festival launched by Ozzy and Sharon Osbourne:

Source: Ozzfest Stage

How to attend? 

As mentioned above, visitors need to register to enter the event. Decentraland recommended using the desktop client for a faster and more stable connection with better graphics. 

The official blog stated:

“A lot will be happening at the festival so you won’t want to limit yourself to just a browser experience. If you’re new to Decentraland, you can find a short guide on what to expect here.”

Once inside the festival, one can run from one stage to another.

Iara Dias, the producer of the Metaverse Music Festival at Decentraland, says that the event is designed to recreate some of the aspects of real-life music festivals while simultaneously playing with new possibilities in the metaverse. “We want people to be mesmerized by the festival,” she said. “We can push the boundaries of physics and simultaneously be safe.”

Decentraland also shared a tweet reiterating its mission: 

The first edition of the Decentraland Metaverse Music Festival last year saw top guns like 3Lau, Alison Wonderland, Deadmau5, and Paris Hilton rock the stage. 

As BeInCrypto reported, last year’s Decentraland music festival saw 50,000 unique attendees in the first MVMF.

But what about the ongoing festival? Are users flocking onto the network? 

Concert without an audience?

A Decentraland report from Oct. 21 noted that “Despite the economic uncertainty the markets currently face, the interest in metaverse platforms keeps consolidating at growing rates.”

Decentraland has maintained a steady UAW (Unique Active Wallets) of around 800 daily since May — a trend that mostly still holds up to this day.

As per DappRadar data, the flagship platform’s UAW stands at 645, as seen in the graph below. 

Source: DappRadar

However, BeInCrypto noted the metric fell to as low as 380 in the second week of October, suggesting that the turnout for the upcoming festival would not be very high.

This sentiment is also echoed when considering the platform’s falling social media and social engagement traction. While there has been an increasing number of social mentions over the past three days, social engagement has been trending down during the same period, making a series of lower lows. 

Source: LunarCrush

So the question arises: Where are all the Decentraland users? 

Users want virtual lands, not music fests

While the music fest may have failed to get users on board, another segment is doing a great job. Despite the low interest in the music festival, there is still a good deal of interest in Decentraland land NFTs

There was a significant spike in Decentraland land NFT sales, as evident from the trading volume based on the data below. 

Decentraland Sales in Ethereum OpenSea Market
Source: OpenSea

Overall, on the Opensea NFT marketplace, Decentraland ranked third in the top collections traded on the platform. 

Furthermore, virtual land tokenized as an NFT in Decentraland was recently sold for $3,818 (5.980 MANA), which is 1.70x the current floor price. The land NFTs are comprised of over 97,000 plots of land, with each plot parcel 16m x 16m, or 52 square feet. 

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Shubham Pandey
An engineer and an accountant by degree, Shubham ventured into the crypto world to pursue his passion. He believes digital currencies will redefine our economies in the decades to come, which drove his transition into this industry. Shubham has a multicultural background, having lived across India, Qatar, Oman and Australia. He is currently settled in Melbourne. As a News Writer, Shubham aims to actively analyze trends in the crypto world and break it down for everyday readers.
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