Metaverse NFT Trading Volume Hit New All-Time High, DappRadar Says

Non-fungible token (NFT) buying and selling elevated throughout digital worlds within the first quarter of 2023, in accordance with a DappRadar report revealed Thursday, totaling $311 million to date this 12 months.

Based on the report, digital land buying and selling reached an all-time excessive this previous quarter with 147,000 trades, due to platforms equivalent to Yuga Labs’ Otherside and MG Land that dominated the area.

Otherdeed NFTs, that are linked to land within the Otherside metaverse, registered $222 million in buying and selling quantity within the first quarter – a 237% enhance from the earlier quarter. Based on the report, one Otherdeed NFT offered for 186 ETH (about $2.85 million on the time) – the very best recorded sale for digital land final quarter. Earlier this month, Yuga Labs announced the official date of its “Second Trip” for holders of Otherdeed NFTs, which seemingly contributed to its uptick.

Another excuse for the rise in buying and selling quantity is because of NFT market Blur’s “airdrop seasons and farming,” in accordance with Sara Gherghelas, blockchain analyst at DappRadar. “The NFT whales decided to farm [virtual] land, especially the MG Land project, which is an NFT collection.”

Decentraland’s upcoming Metaverse Fashion Week has elevated the variety of distinctive lively wallets on Decentraland over the past week, the report says, and in addition boosted buying and selling quantity on the platform by 63%. In the meantime, 10KTF, a digital vogue store launched in 2021 and bought by Yuga Labs in November 2022, additionally skilled a significant spike in buying and selling quantity final quarter throughout a number of of its collections.

“Everything related to 10KTF are the highest NFT collections traded this quarter,” famous Gherghelas. “After they announced 10KTF was acquired by Yuga, we saw this massive increase.”

Based on DappRadar, $417.5 million was invested into blockchain gaming and metaverse initiatives in Q1 2023.

Elevated curiosity within the metaverse and Web3 gaming has been noticed throughout the crypto trade. From conventional tech giants equivalent to Sony to blockchain ecosystems like Polygon, cash continues to be poured into creating gamified experiences and digital areas.

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