Metaverse Fashion Week has a 76% Drop in Attendance

Decentraland's highly-anticipated Metaverse Virtual Fashion Week recently wrapped up after four days of events, pop-ups, and runway shows across the Decentraland metaverse. Last year, the event attracted 108,000 attendees, however, this year, only 26,000 were in attendance. This was despite the participation of many top brands such as Dolce and Gabbana, Coach, Adidas, and Tommy Hilfiger. The maximum number of people dropping by at any one time was just 1,000 throughout the four days.

For those keeping up with the current market, it might not be a shock that the hugely successful Metaverse ran into problems at this year's event. Also, they are certainly not alone in their struggles. Other web3 games and platforms such as the Sandbox and Axie Infinity have also found it difficult to grow and maintain their users and community, whilst web2 games such as Roblox and Fortnite attract tens of millions of users every day.

Additionally, Decentraland has faced some criticism outside of its Metaverse Virtual Fashion Week event. Users have said that the gameplay, design, and reliability may be responsible for the platform's decline. On the other hand, Decentraland event planners are staying positive. They stated that their situation is not unique with the entire industry currently facing challenges.