Metaverse NFT Volume Tops $300 Million This Year, Says Report

Metaverse Land Sales Flourish Amid Ongoing Winter

In February 2023 alone, Otherdeeds saw $137 million in trading volume, increasing over 200% from January. The surge coincided with the launch of Sewer Pass.

Virtual Worlds in Order of Descending Trading Volume | Source: DappRadar

Otherdeeds is also dominating March with a trading volume of $47 million, which represents 95% of all digital land sales.

Runners-up in Q1 include the recently-launched MG Land, with a trading volume of $60 million. MG Land allows users to build a digital space to socialize and engage in many activities. The Sandbox recorded $3.5 million in trading volume.

Trading volume for Decentraland totaled $1.9 million year-to-date. Decentraland wallets have increased by 16% to 1,490.

Fashion NFTs Expose Traditional Brands to Younger Clients

The first quarter of 2023 also saw a surge 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 was launched in 2021.

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Author: David Thomas

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