NFT trading on the metaverse has reached a significant milestone in trading volumes, recording over a 277% increase in the first quarter of 2023 despite the bear market.
According to a recent report from DappRadar, interest in virtual lands on the metaverse surged to a new all-time high of $311 million with the sale of 146,690 lands that results in an 83% rise compared to previous years.
Yuga Labs' Otherside metaverse NFT collection – Otherdeeds – topped the charts with $222 million from 65,399 sales exceeding its previous record in the last quarter by 138%. The report attributed the success to the brand’s upcoming event, which will be held on the Otherside Metaverse on March 25, 2023.
Yuga Labs announced earlier this month that it would launch a second trip into the Otherside metaverse for holders of the Otherdeeds NFTs. DappRadar believes the second trip, coordinated by four Otherside team captains, attracted many NFT enthusiasts hoping to participate in the program.
MG Land emerged as the runner-up after the Otherside Metaverse. The project, launched by automaker MG Motors in January 2023, sold 45 219 parcels between January and March, amounting to $60 million in trading volume.
Following MG Land, there is Createra Genesis, which took the third position with over 6 308 sales worth around $14 million. The platform received $10 million in Series A funding in January from Andreessen Horowitz, also known as a16z, and other institutional investors.
The Sandbox and Axie Infinity took the fourth and fifth positions, generating $3.5 million and $2.5 million in trade volumes, respectively. Despite the low sales, both projects made significant progress in 2023 Q1. Sandbox secured multiple partnerships to scale its business offerings, and Axie Infinity made the list of top 10 sales after selling a parcel of land for $150,452 in ETH.
DappRadar also disclosed that Q1 2023 saw significant growth in the number of luxury fashion houses entering the metaverse with NFT-based fashion collectibles. Some reputable fashion brands making waves in the virtual realm include Adidas and Nike’s RTKFT.
The two fashion powerhouses will participate in the upcoming 2023 Metaverse Fashion Week hosted by Decentraland in collaboration with UNXD, Spatial.io, and other projects. The event, which will take place from March 28th to 31st, aims to connect the next generation of designers with traditional and innovative fashion brands that have been in the business for ages.
The metaverse NFT market has experienced unprecedented growth over the last three months, with its trading volume reaching an all-time high of $311 million. This significant growth shows the increasing interest and adoption of virtual lands as a valuable investment option. As the metaverse and virtual worlds continue to gain popularity and mainstream acceptance, we can expect this trend to continue, driving innovation and new opportunities in the digital economy.