Metaverse NFT Trading Volume Reaches New High

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  • Metaverse-based NFT trading is on the rise according to a DappRadar report
  • Digital land-linked collectibles have registered the highest uptake generating over $300 million in Q1 2023
  • Yuga Labs’ Otherdeed NFTs registered the highest uptick at over 200%

Metaverse-based NFT trading is on the rise with digital land-linked collectibles generating over $300 million in Q1 2023, according to DappRadar. Yuga Labs’ Otherdeeds, an NFT collection tied to the Otherside virtual land project, recorded a more than 200% increase in trading volume in Q1 2023 compared to Q4 2022. Analysts estimate that the rise was ignited by the latest NFT trading mania sparked by traders looking for a higher allocation of Blur’s season two tokens.

147,000 Trades in Three Months

According to DappRadar, 147,000 trades involving digital lands have already taken place in the first three months of this year, with MG Land and Otherside accounting for the biggest chunk of these trades. The report shows that Q1 2023 is the best quarter yet since last year’s market slump caused by the Terra Luna crash.

While the sales count has been fluctuating between August 2022 and March 2023, the trading volume has been on a steady rise peaking at slightly above 69,000 in February before dropping to below 50,000 this month.

Trading of virtual land NFTs tied to Otherdeeds has increased by over 237% and generated more than $222 million in Q1 compared to the $65 million it generated in the last quarter. The rise in demand for Otherdeed NFTs coincided with the announcement of the second trip to the virtual land which is only open to Otherdeed collectibles’ holders.

Blur Trading takes Collectors to the Metaverse

The report also noted that the recent controversial trading spree on the Blur NFT marketplace saw some collectors opt to trade virtual land collectibles tied to the MG Land project. The Metaverse Fashion Week to be hosted on Decentraland and 10KTF’s acquisition by the Bored Ape creator also added to the rise in NFT trading volume in the metaverse.

Although some like Ethereum co-founder Joe Lubin think the metaverse needs 28 years to mature, its continued development will continue increasing the uptake of virtual land-linked collectibles.