Decentraland music festival shows web3’s influence on the music industry

Decentraland music festival shows web3’s influence on the music industry

Decentraland, the Ethereum-based Metaverse platform, has announced the Metaverse Music Festival 2022, a Metaverse-based event that will feature artists from different genres. The first Metaverse Music Festival took place in October last year and attracted more than 50,000 visitors over four days. This event was attended by 80 artists, including deadmau5 and 3LAU.

More artists, more adoption

This year’s Metaverse Music Festival, sponsored by crypto exchange Kraken, will take place next month on November 10-13, featuring 100 artists, including Soulja Boy, Ozzy Osbourne and Dillion Francis. According to Decentraland, the festival takes place in an “otherworldly cyberpunk landscape” with 15 uniquely designed stages. The event does not require a VR headset and is accessible to everybody. “Decentraland amplifies the music in the Metaverse. It introduces listeners to unique experiences only available through a virtual world,” says the press release.

Web3 is making inroads into the music industry

Virtual gigs are becoming increasingly popular with the biggest names in music. Jason Derulo, Eminem and Snoop Dogg have all accepted performances in the Metaverse, leading to the creation of a new MTV VMA Awards category, Best Metaverse Performance. Sony Music Entertainment filed NFT-related trademark filings earlier this August, signaling a shift towards Web3. The music giant was previously involved in an NFT collection with Bob Dylan and Miles Davis, released in collaboration with the music label Universal Music Group. 

Decentraland’s user base controversy

Decentraland was in the news last week after a Twitter user pointed out the platform’s surprisingly low daily active users. A screenshot of the metric derived from DappRadar showed only 30 daily active users on Decentraland. Its user base led to more than 50,000 monthly active users. DappRadar has since changed its analysis, and the latest numbers show 655 active users over the last 24 hours.

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