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Blockchain-based virtual social world Decentraland is hosting the first-of-its-kind music festival held in the metaverse from October 21–24.
Dubbed the Metaverse Festival, the multi-day music festival a 72-hours of non-stop music, spanning some of the largest Dance, EDM, and Techno artists on the scene. It will feature over 80 artists, including Deadmau5, Paris Hilton (alongside a very special surprise guest), Nina Nesbitt, and dozens of other global artists across the musical spectrum.
Metaverse concerts are a trend that’s already started with Travis Scott and Ariana Grande performing in Fortnite recently. However, unlike corporate-owned virtual worlds like Fortnite and Roblox, Decentraland is completely decentralized (hence the name). It’s powered by the Ethereum blockchain and comprises unique NFTs, meaning everything from wearables, avatars, vehicles, buildings, and even the “virtual land” itself are part of an open blockchain economy. (You can wear a unique custom Prada tracksuit to listen to Rufus du Sol, no sweating included.) Decentraland has generated $34M in revenue this year from land sales, wearables, and other fun things you can do in their metaverse.
“The Metaverse Festival is really the culmination of the long-standing support of music, artists, and live performance in Decentraland,” said Sam Hamilton, Head of Community & Events at the Decentraland Foundation. “It’s a celebration of music and culture in the virtual social world, but also a recognition that the metaverse has arrived as a viable, irresistible and profitable space for creative people, whatever their medium or background.”