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Metaverse NFT Trading Volume Soars Past $311 Million!

The trading of non-fungible tokens (NFTs) in the virtual space saw a huge surge in Q1 2023, reaching an astonishing $311 million, according to DappRadar’s report. The past quarter saw an all-time high of 147,000 virtual land trades, mainly driven by MG Land and Otherside.

Detailed Overview of the Report

In Q1 2023, Otherdeed NFTs linked to the land in the Otherside metaverse saw a remarkable 237% growth in trading volume, totaling a staggering $222 million.

Furthermore, last quarter saw the highest recorded sale of virtual land via an Otherdeed NFT, reaching 186 ETH (approx. $2.85 million). According to Sara Gherghelas, a blockchain analyst at DappRadar, Yuga Labs’ announcement of ‘Second Trip’ as a benefit to holders of Otherdeed NFTs likely caused an increase in trading activity.

Some Info about Dapps

Some virtual (decentralized apps) dapp platforms, such as Decentraland, The Sandbox, and even Axie Infinity, all made it to some of the most widely used dapps last quarter. 

Surprisingly, however, not that widely known Createra Genesis Land emerged as the number one virtual world dapp, with an overall trading volume of an impressive $14 million. In January 2023, Createra Genesis Land secured $10 million in funding, with the goal of enabling users to create their own metaverse content. 

Moreover, Decentraland’s Fashion Week in the Metaverse has seen a remarkable surge in the number of active wallets and a jump of 63% in trading volume. Apart from that, the last quarter saw a significant surge in trading volumes for 10KTF, the virtual fashion store acquired by Yuga Labs last year. According to Gherghelas, all items related to 10KTF were among the most traded NFT collections this quarter.

In Q1 of 2023, DappRadar reported an investment of $417.5 million into blockchain-related games and metaverse spaces. This trend is likely to continue, with the growing popularity of virtual worlds and non-fungible tokens (NFTs).