Just one year ago, the metaverse was probably the most talked about and covered topic with companies like Facebook completely rebranding to try and establish dominance in the emerging space.

Fast forward a year later, and while there are still companies exploring the space, events like Decentraland’s Metaverse Fashion Week (MFW) have taken massive hits — with attendance down roughly 92 percent according to data first shared by Decrypt.

Despite the decrease in user participation, MFW still attracted a large number of established brands, including, Balmain, Dolce & Gabbana, Hugo Boss, Tommy Hilfiger, and more.

While the names were there, it would appear that users are seeking a higher level of quality when it comes to experience than what is currently available.

An example of this was seen in the “dwell time” associated with each space, which is the number of minutes a visitor spends in any given experience on Decentraland.

Leading in this category this year was jewelry chain Ben Bridge, its space gained tremendous traction during the event because the brand offered guests an immersive gamified experience in which they could earn free digital wearables by completing various quests. As a result, the average visitor spent approximately 14 minutes in the virtual store — a shocking statistic for any company in the retail world, where engagement and impressions usually last seconds.

Other considerations for the decrease in performance this year could be that artificial intelligence (AI) has stolen the spotlight, with BOSS’s MFW concept even utilizing some aspects of the technology.

Additional and more apparent indicators are that Meta shifting its focus from the metaverse to exploring use cases of AI in advertising for its social platforms.

In related news, Kering, the largest luxury goods group after LVMH has launched an experimental “cutting-edge fashion space” by the name of KNXT. The site focuses on both AI and NFT integrations, with an operational chatbot personal shopper named /madeline.