Metaverse NFT Trading
Non-fungible tokens have been dominating the market for recent years and have not set another ceiling-high record. Data reports published by the DaapRadar have unveiled that non-fungible token trading has increased across virtual worlds in the first quarter of 2023 totaling $311 million so far this year.
The same data set has also unveiled that virtual land trading reached an all-time high this past quarter with 147,000 trades, this was made possible by platforms such as Yuga Labs’ Otherside and MG Land that dominated the space.
Possible Reasons for the New All-Time High Record
Otherdeed NFTs, which are connected to the Otherside metaverse, were able to record a trading volume of around $222 million in the first three months of the year. That sum represented a 237% rise over the prior quarter.
Also, it has been claimed that one Otherdeed NFT sold for 186 ETH, which at the time of this writing translates to around $2.85 million. The sale of virtual land in the previous quarter was the highest one ever noted. The official date of Yuga Labs’ “Second Trip” for owners of Otherdeed NFTs may have been one of the primary factors in this sale.
Besides that, Sara Gherghelas, a blockchain analyst at DappRadar, claimed that the NFT marketplace Blur’s “airdrop seasons and farming,” namely the MG Land project, which is an NFT collection, is another factor contributing to the new record. She explained that “The NFT whales decided to farm [virtual] land, especially the MG Land project, which is an NFT collection.”
In the final quarter of 2022, Createra Genesis Land was able to surpass some of the well-known decentralized virtual world applications, like Sandbox, Axie Infinity, and Decentraland. In the first month of this year, it was able to secure a $10 million fundraising round. The program, which aims to facilitate user-generated metaverse inventions, is believed to be headed by A16z.
The impending Metaverse Fashion Week in Decentraland may also be the cause of the most recent record. Over the past week, this new endeavor has contributed to an increase in the variety of active wallets on Decentraland, as well as a 63% increase in trading volume.
The 10KTF, a digital fashion store founded in 2021 and bought by Yuga Labs in November 2022, also saw a significant increase in trading volume last quarter across a number of its collections, it is also important to note. After stating that “Anything related to 10KTF is the greatest NFT collections traded this quarter,” Gherghelas then pointed out that a significant increase was noticed following the announcement of Yuga’s acquisition of 10KTF.