NFT Game Trading hits record high
Discover how NFT game sales have reached an all-time high, with metaverse games like Otherside and Decentraland leading the way in virtual land sales. Find out how the rise in demand for NFTs and virtual experiences is driving innovation and investment in this rapidly growing industry.
NFT game trading has reached an all-time high, with the latest report from DappRadar revealing that there were 147,000 trades last quarter, equivalent to $311 million in trading volume. This increase in activity is primarily driven by metaverse games, including Yuga Lab’s Otherside, Decentraland, and Mg Land.
Yuga Labs Otherside, an ape-themed metaverse game, has recently announced its second turn for Otherdeed holders, with non-holders able to join using an invite from a holder. The announcement led to a surge in trading volume, with Otherside registering $222 million.
The project is one of the most popular metaverse game projects in space. “The Second Tour” is a metaverse experience where select players will be able to explore, socialize and battle in-game bosses while in a shared virtual world. The previous Otherside tour was well received, so it is no surprise that investors became positive about the project when the second tour was announced.
Meanwhile, Decentraland’s upcoming Metaverse Fashion Week has been at the forefront of the increased number of users and trading volume. The event starts on March 28 and lasts until March 31. The event will be composed of famous fashion designers and brands such as Dolce & Gabbana, Adidas and Vogue Singapore.
Sandbox and other metaverse-themed games have also contributed to the industry’s continued interest in NFT games and virtual lands.
The Metaverse is a virtual world where users can interact with each other and the environment in a way that mimics the physical world. It has become popular over the years and this trend is expected to continue as more people become interested in virtual experiences.
One of the key drivers of the metaverse’s growth is NFTs or non-fungible tokens, which are unique digital assets that can be bought, sold and traded. In the metaverse, NFTs represent virtual objects, including lands, buildings, and even virtual pets.
The popularity of NFTs in the metaverse has led to an increase in demand for virtual land, with some investors buying large parcels of land in hopes of selling them at a higher price in the future. This trend is likely to continue, as more people become interested in the metaverse and NFTs.
Final thoughts
In conclusion, the recent increase in NFT game trading is a testament to the continued growth of the metaverse and its associated industries. As more people become interested in virtual experiences, demand for NFTs and virtual land is likely to grow, driving innovation and investment in the space.
Edmond is a passionate writer for video games, GameFi and Web3. He has worked for top GameFi companies and video game/crypto news sites.
