A recent DappRadar report has revealed that NFT trading in the Metaverse spiked during the first quarter of this year. In fact, the volumes have hit an all-time high, a testament to the growing interest in virtual worlds. In total, there were 147,000 trades in various Metaverses, altogether accumulating over $311 million in trading volume.
As DappRadar discovered, the spike was no fluke as several factors conspired to skyrocket trading in virtual universes. Various incentives from the likes of Yuga Labs, Blur, and Decentraland were crucial to motivating traders to jump into different Metaverses and trade virtual lands and other products.
Otherdeed, NFTs that are linked to the Otherside Metaverse, led the pack. Within the first three months of this year, these NFTs amassed a trading volume of $222 million, which is a 237% increase from the previous quarter. Otherdeed NFTs have been in great demand ever since Yuga Labs announced a “Second Trip” to the Otherside was on the way. Interestingly, one NFT from this highly sought-after collection sold for 186 ETH (approximately $2.85 million) at the time, making it the most expensive piece sold in the first quarter.
Find the full report here ⬇️https://t.co/5EHFo7G7y9
— DappRadar (@DappRadar) March 23, 2023
New Metaverses Shine
Blur also had something to do with the uptick in trading volumes for Metaverse NFTs. The upstart NFT marketplace has embarked on an aggressive campaign to attract users. According to Sara Gherghelas, a blockchain analyst at DappRadar, the platform’s airdrop seasons and farming have prompted NFT whales to “farm virtual land, particularly the MG land project, which is an NFT collection.”
Having launched in the Q1 of 2023, MG Land sits in the second position with a trading volume of $59 million. Createra Genesis Land, a new protocol allowing users to experiment with the Metaverse, follows in third with a trading volume of $14 million. It has outperformed Axie Infinity, The Sandbox, and Decentraland.
As for Decentraland, its volumes fell by 33% compared to the previous quarter. However, the number of unique active wallets has shot up in the build up to the upcoming Metaverse Fashion Week. There is a chance that the event will have a positive impact on the volumes. However, data from the second quarter is needed to see if this was the case.
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Basil is an avid fan of blockchain technology and all its innovations, and he is passionate about sharing this narrative with his audience. He has spent over five years in the crypto space, specializing in research and creating Web3 content for various media outlets around the globe.