Metaverse-based NFT transactions increased in 1Q23

According to the latest DappRadar report, NFT trading in Metaverse increased in Q1 2023. In fact, volume levels have reached record highs, showing the growing popularity of virtual environments. In a number of Metaverses, there were a total of 147,000 transactions, totaling more than $311 million in transaction volume.

DappRadar found that the increase was no coincidence, as several factors conspired to elevate commerce in the digital universe. Various perks from companies like Yuga Labs, Blur, and Decentraland were instrumental in encouraging traders to enter multiple Metaverses and trade virtual worlds and other goods.

Otherdeed, non-fungible tokens connected to the Otherside Metaverse, topped the field. These NFTs collected a transaction volume of $222 million in 1Q23, a 237% increase from the quarter before that. Because Yuga Labs announced that a “second trip” to the Other Side was still on the horizon, Otherdeed NFTs were in high demand. Interestingly, one NFT from this highly sought-after selection traded for 186 ETH (about $2.85 million) at the time, making it the most expensive commodity traded in the first quarter.

Blur also contributed to the increase in volumes traded by Metaverse NFTs. The emerging NFT market has launched a powerful campaign to lure in consumers. Sara Gherghelas, a blockchain analyst at DappRadar, claims that the network’s airdrop seasons and cultivation have inspired NFT billionaires to “use digital land, especially the MG land initiative, which is an NFT series.”

MG Land, which debuted in the first quarter of 2023, holds second place with a total transaction volume of $59 million. Createra Genesis Land, an innovative protocol that enables users to play with the Metaverse, is in third place with a transaction volume of $14 million. It did better than Axie Infinity, The Sandbox and Decentraland.

Compared to the previous quarter, Decentraland’s volume decreased by 33%. In contrast, the amount of distinct active wallets has skyrocketed in anticipation of the upcoming Metaverse Fashion Week. There is a possibility that the event will affect transaction volumes positively. Information from the second quarter is still required to determine whether this was actually the situation.