Metaverse Based NFT Transactions Surge in 1Q23

According to the latest DappRadar report, NFT trading in the Metaverse surged in Q1 2023. As a matter of fact, volume levels have reached a record high, demonstrating the increasing popularity of virtual environments. In numerous Metaverses, there was an aggregate of 147,000 transactions, totaling more than $311 million in transaction volume.

DappRadar found that the surge was not a coincidence, as multiple factors colluded to elevate digital universe commerce. Diverse benefits from companies such as Yuga Labs, Blur, and Decentraland were critical in encouraging traders to enter several Metaverses and trade virtual worlds and other goods.

Otherdeed, non-fungible tokens connected to the Otherside Metaverse, topped the field. These NFTs gathered a transaction volume of $222 million in 1Q23, a 237% surge from the quarter preceding it. Because Yuga Labs announced a “Second Trip” to the Otherside was still on the horizon, Otherdeed NFTs were in high demand. Intriguingly, one NFT from this highly coveted selection traded for 186 ETH (approximately $2.85 million) at the time, which made it the most expensive item traded in the first quarter.

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

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

In comparison to the preceding quarter, Decentraland’s volume decreased by 33%. In contrast, the quantum of distinct active wallets has skyrocketed in anticipation of the forthcoming Metaverse Fashion Week. There is a possibility that the incident will positively affect the transaction volumes. Nevertheless, information from the second quarter is required to determine whether this was actually the situation.