According to a recent report by DappRadar, there was a rise in NFT trading in metaverse in the first quarter of 2023. This led to $311 million worth of trading.
In this quarter, there were a record-high 147,000 trades of virtual land. This was mostly due to the popularity of platforms like Yuga Labs’ Otherside and MG Land.
The number of trades for Otherdeed NFTs, which are linked to land in the Otherside metaverse, went up by 237% and reached $222 million. One Otherdeed NFT even sold for 186 ETH, which was worth about $2.85 million at the time. This was the most money ever paid for virtual land.
Yuga Labs’ announcement of the “Second Trip” for holders of Otherdeed NFTs may have helped to increase the number of trades. The Sandbox, Axie Infinity, and Decentraland are some of the other decentralized apps (dapps) for virtual worlds that made the list of top dapps in the last quarter.
But Createra Genesis Land, which is less well-known, was at the top of the list with $14 million in trading volume and $10 million in funding led by A16z in January 2023. This project focuses on letting users make their own metaverse creations.
The report also discusses about how the number of sales for several collections at 10KTF, a 2021 digital fashion shop that Yuga Labs acquired in November 2022. Also, over the past week, Decentraland’s Metaverse Fashion Week has led to a 63% rise in the number of unique active wallets and the volume of trading.
DappRadar said that as of the first quarter of 2023, $417.5 million had been put into blockchain gaming and metaverse projects.
This shows how the crypto industry is becoming more interested in the metaverse and Web3 gaming. Both traditional tech companies like Sony and blockchain ecosystems like Polygon are still putting a lot of money into the industry.
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