The long-awaited event brought Web3 together and helped increase Decentraland’s NFT sales volume by over 200%
Just like fashion itself, digital fashion is also evolving and adapting to the modern world. This year, we saw a unique twist on traditional fashion as the Metaverse Fashion Week 2023 took place in the Decentraland virtual world. The event is a success—with over 200% increase in Decentraland NFT sales volume—as it showcased a variety of luxury fashion brands and independent creators. Let’s break down what happened at this historic event for Web3.
What is Decentraland?
Decentraland is a decentralized, virtual platform run on the Ethereum and Polygon blockchains. It features unique digital real estate, where users can build and monetize their creations. It also hosts various events, such as concerts, art exhibitions, conferences and fashion shows. This year, for the second time, it was host to Metaverse Fashion Week.
The #MVFW event
This year’s Metaverse Fashion Week took place from 28 to 31 March and had people from all over the world gathered virtually with their avatars. The event showcased a variety of luxury virtual and real-world fashion brands and independent creators focusing on NFTs as wearable assets.
Top fashion brands to take over the event included Diesel, Tommy Hilfiger, Adidas, Dolce & Gabbana, Vogue Singapore and many more. Community creators were also invited to showcase their NFT wearables on virtual models.
Aside from the runway shows, Metaverse Fashion Week also hosted informative industry-focused panels and events, which explored the future of digital fashion, enabling platforms for emerging talent and accelerating sustainable practices in virtual fashion design.
Everyone who attended the event could easily access designer wearables and then purchase for their avatar to be just as fashionable. Even if you don’t need to connect your crypto wallet to log into Decentraland, it’s almost impossible to resist the temptation to join the movement.
NFT sales volume increase
The success of MVFW2023 can be seen in its impressive increase in Decentraland’s NFT sales volume during the event.
DappRadar data shows that in the past 7 days, both the NFT sales volume and average price per sale saw an increase of more than 200%. This illustrates how more expensive in-game items were purchased more often than usual.
The floor price for these NFTs, the cheapest wearables in the market, also got slightly higher (2.61%).
But once the increase in the number of traders didn’t have such an impact (went up by 5.88%), we can conclude that the Web3 community committed itself to increasing its virtual wardrobe. So it didn’t necessarily drive a huge adoption of real-world fashion fans so far.
The fact that this collection’s actual number of NFT sales dropped by 5.24% may also point in this direction.
The future of fashion is here
This years’ edition of the Metaverse Fashion Week proved that digital fashion is here to stay. How? By brilliantly showcasing how technology has changed the way we interact with clothing and accessories in our daily lives.
And unlike what traditional Second Life or The Sims players experienced buying digital wearables, in Decentraland you actually own in-metaverse items thanks to blockchain technology.
By utilizing NFTs as wearable assets and allowing people from any place in the world to get together, MFW2023 was able to create an exciting new shopping experience that would have been impossible just a few years ago.
With such an impressive increase in NFT sales volume during the event – it’s clear that Decentraland has found its niche within the digital fashion industry.
We can expect more amazing events hosted by Decentraland in the future – so keep your eyes peeled if you want to keep up with all things Metaverse.
Useful links
- What is Decentraland? The Open World Economy in the Metaverse
- What is the Metaverse: Next-Generation Virtual Worlds
- Top Metaverse Virtual Worlds for 2023
- 10 Major Brands Stepping into the Metaverse
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