Trading of non-fungible tokens (NFTs) linked to the metaverse reached new highs in the first quarter of 2023, according to a report by DappRadar.
According to the study, virtual land trading reached an all-time high, with 147,000 trades totaling $311 million so far this year.
Yuga Labs and MG Land were the platforms that dominated the space, with emphasis on the Otherdeed NFTs, linked to land in the Otherside metaverse, which registered US$ 222 million in trading volume in the first quarter, an increase of 237% compared to to the previous quarter.
The report highlights that Createra Genesis Land is one of the great highlights of the year. The company raised more than $10 million in a January 2023 funding round led by A16z and is focused on enabling user-generated metaverse creations.
Metaverse
Decentraland also made the list of top virtual world decentralized apps (dapps) last quarter, boosted by the upcoming Metaverse Fashion Week, which increased the number of unique active wallets on the platform and trading volume by 63%.
Another factor that contributed to the increase in trading volume was the seasons of The Sandbox and other less popular metaverses, as well as the airdrop of the NFT marketplace, Blur.
“The NFT whales decided to cultivate land [virtuais], especially the MG Land project, which is an NFT collection. You also need to include The Sandboz seasons and experiences in this account,” said Sara Gherghelas, blockchain analyst at DappRadar.
The DappRadar report further highlights that $417.5 million was invested in blockchain games and metaverse projects in the first quarter of 2023.
Increased interest in the metaverse and web3 gaming has been seen across the cryptocurrency industry, with traditional tech giants such as Sony and blockchain ecosystems such as Polygon investing in creating gamified experiences and virtual spaces.
