FEATURE: Decentraland Metaverse Fashion Week attendance plummets 76% amid 'worrisome' trading volume
Decentraland’s gameplay, design and reliability have all been criticized and may be why the platform is a disappointment for many.
“In practice it’s a bad video game made up of smaller, worse video games wrapped in real-estate scheme cosplaying as The Matrix,” said Dan Olson, an influencer who discusses a variety of issues on his YouTube channel called “Folding Ideas” that has more than 800,000 subscribers.Metaverse architect Hunter Swihart said he enjoys creating digital spaces for Decentraland but added that he has been disappointed by how many people are using the platform.
Now weekly trading volumes hover around a dismal $50,000 a week, a far cry from trading volumes that consistently exceeded $1 million per week through the end of 2021 and beginning of 2022, according to The Block research. “Everybody saw prices skyrocketing with big businesses buying land for millions of dollars, which now in retrospect was a terrible mistake,” said Swihart. He also said he would not be surprised if the platform ceases to exist in the near future. “Only between 20 and 30 people weekly are buying and selling Decentraland land NFTs — the digital certificates which act as proof of ownership — according to The Block research analyst Brad Kay.
Decentraland’s native token, called mana, has also suffered to a large degree amid the prolonged bearish market which is casting a shadow of the entire crypto industry. After briefly surpassing $5.00 in late 2021, it now© 2023 The Block Crypto, Inc. All Rights Reserved. This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
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