Decentraland’s Metaverse Music Festival hosted over 200 artists and 15 stages this past weekend – but the virtual giant failed to boost network activity.
Billed as a “four-day extravaganza” by its organizers, the blockchain-based music festival was set in a cyberpunk landscape. A-list artists such as Megadeth, Björk and Soulja Boy, Ozzy Osbourne, and Izzy Bizzu took over the virtual stages, playing with the possibilities offered by the metaverse location.
Although Metaverse Music Festival was a free-of-charge event (festival-goers only needed to pre-register and own a crypto wallet to tune in), the web3 gig was a concert without an audience.
A Decentraland report from 21st October noted that despite the economic uncertainty the markets currently face, “the interest in the metaverse platforms keeps consolidating at growing rates.”
According to DappRadar data, there was an overage of 660 unique active wallets on Decentraland at the beginning of November. When the Metaverse Music Festival kicked off, the number had risen to 904.
Recently, there has been a dispute between DappRadar and Decentraland, as the analytical tool only tracks active wallets and transactions.
The metaverse platform claimed that the on-chain activity is low because users perform activities without interacting with the blockchain.
Despite the 37% increase in active wallets, the 3D music festival was a lonely experience for many users. OpenSea stats display a significant spike in Decentraland NFT sales during Metaverse Music Festival, suggesting that users were more interested in trading than mosh pit-ing.