Yuga Labs leads to increase in Metaverse NFT volume in Q1 2023
A new DappRadar NFT report indicates that the trading volume of digital land NFTs grew by 277.12% in Q1 2023, reaching $311 million.
Most of the land sales came from Yuga Labs’ Otherside metaverse NFTs, Otherdeeds, which topped $222 million in trading volume.
In February 2023 alone, Otherdeeds saw $137 million in trading volume, an increase of over 200% from January. The increase coincided with the launch of the Sewer Pass.
Otherdeeds also dominates March with a trade volume of $47 million, representing 95% of all digital land sales.
In second place in the 1st quarter is the recently launched MG Land, with a trading volume of 60 million dollars. MG Land allows users to build a digital space to socialize and engage in many activities. Sandbox recorded $3.5 million in trading volume.
Trading volume for Decentraland was $1.9 million so far this year. Decentraland wallets have increased by 16% to 1,490.
Fashion NFTs expose traditional brands to younger customers
The first quarter of 2023 also saw a wave of luxury fashion brands populating virtual spaces with NFT fashion collections.
The most popular collections include Adidas Originals Into the Metaverse, Nike MNLTH, Decentraland Wearables Matic and 10KTF. The 10KTF collection accounted for 74% of the trading volumes of NFT fashion items. Yuga Labs acquired the 10KTF collection, which launched in 2021.
Trading volume on Decentraland has increased by 63% to $26,880 in the last seven days in anticipation of Metaverse Fashion Week 2023.
Brands participating in the event, which connects young designers with traditional fashion houses, include Dolce&Gabbana, Tommy Hilfiger and Diesel.
Driving fashion brands into digital spaces is a new generation of Gen Z and Millennial fashionistas who value their online presence more than their in-person presentations.
Digital fashion designers are also looking to capitalize on a growing trend among British shoppers to buy clothes to pose for a social media post and then return them.
In Q1, 2023, investors pumped $502 million into Web 3 games and metaverse projects, down from $7.6 billion, but still significant given the recent deterioration in investor sentiment toward the crypto industry.
Metaverse presents fashion houses with lower cost of goods and allows them to use existing designs.
According to Morgan Stanley, the digital fashion industry is set to reach $50 billion by 2030.
For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.
Disclaimer
BeInCrypto has reached out to the company or person involved in the story for an official statement on the latest development, but has yet to hear back.
