Metaverse has experienced massive growth in the past few months. A new report by DappRadar shows that sales volume for virtual land NFTs skyrocketed to $311 million in Q1 2023.
This number is a record-breaking figure for digital worlds since the failure of Terra Luna in May 2022.
In February alone, Yuga Labs’ Otherside metaverse NFTs, Otherdeeds, had $137 million in sales volume. Otherdeeds are also leading this month’s sales with a sales volume of $47 million (95% of all virtual land transactions). The NFT project has garnered $222 million within these three months. This figure is a 237% increase from Otherdeeds’ trading volume in Q4 2022 ($65 million).
The newly-released MG Land is second among the leading digital land NFTs with a trading volume of $59 million. Despite the boom in the virtual world sector, the trading volumes of some popular land NFT projects regressed. The Sandbox’s trading volume for Q1 2023 is $3.5 million – a 36% decrease from its Q4 2022’ $5.6 million trading volume. Decentraland also witnessed a 33% drop in sales volume, bringing its trading volume in Q1 2023 to $1.9 million.
Fashion Brands Go Big With NFTs
The fashion world has quickly hopped on the rapidly moving train of NFTs. High-end luxury brands and fashion houses now offer one-of-a-kind digital experiences to their clients.
The DappRadar report studies 39 fashion NFT projects – with a total sales volume of $366.4 million in 293,399 transactions.
Adidas Originals’ Into The Metaverse collection made a volume of $144 million in 47,399 sales. 10KTF projects currently dominate the fashion NFT space, owning 74% of the total trading volume of fashion NFT projects in Q1 2023.
RTFKT’s presence in the industry has also significantly grown with $966,479 in sales volume. Although the fashion NFT space is still new, there is room for significant growth. Fashion enthusiasts expect to see more luxury brands become involved with NFTs in the foreseeable future.
Web3 Gaming Projects Are Certainly Not Left Out
The blockchain gaming sector experienced an influx of investments in 2021. The industry was able to raise $3.7 billion in funding that year. That number doubled the following year, with $7.6 billion invested in the industry.
This year, $502 million has already been poured into blockchain gaming and metaverse projects. Such efforts made in Web3 gaming show the massive potential the sector possesses.