Recent Dapp Radar The report reveals that NFT trading in the metaverse surged in the first quarter of this year. In fact, volumes have reached all-time highs, proving the growing interest in virtual worlds. In total, there were 147,000 trades across various metaverses, and in total he accumulated over $311 million in trade volume.
As DappRadar discovered, this spike was no fluke, and several factors conspired to spike trading in the virtual world. Various incentives from Yuga Labs, Blur, Decentraland and others have been essential in motivating traders to dive into various metaverses to trade virtual land and other products.
Otherdeed (an NFT linked to the Otherside Metaverse) stood out. Within the first three months of the year, trading volume for these NFTs reached $222 million, up 237% from the previous quarter. Yuga Labs “Second Trip” I was on my way to the other side. Interestingly, his NFT, one of his from this hugely popular collection, sold for 186 ETH (about $2.85 million) at the time, making it the most expensive piece sold in Q1.
Read the full report here⬇️https://t.co/5EHFo7G7y9
— DappRadar (@DappRadar) March 23, 2023
Shine of the New Metaverse
Blur is also associated with increased trading volume on Metaverse NFTs. His emerging NFT marketplace has launched an aggressive campaign to attract users. According to Sara Gherghelas, Blockchain Analyst at DappRadar, the platform’s airdrop season and farming will be on NFT whales. “Farm Virtual Land, especially MG Land Project, NFT Collection”
MG Land, which launched in Q1 2023, is in second place with $59 million in trading volume. Createra Genesis Land, a new protocol that allows users to experiment with the Metaverse, follows him third with $14 million in trading volume. It outperforms Axie Infinity, The Sandbox and Decentraland.
As for Decentraland, its volume decreased by 33% compared to the previous quarter. However, the number of unique active wallets is skyrocketing in the lead-up to the upcoming Metaverse Fashion Week. Events can have a positive impact on volume. However, we need Q2 data to see if this was the case.
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Basil is an avid fan of blockchain technology and all its innovations, and is passionate about sharing this story with his audience. He has spent over five years in the crypto space, specializing in research and creating his Web3 content for various media outlets around the world.