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A new DappRadar $NFT report indicates that trading volume for digital land NFTs grew 277.12% in Q1, 2023, reaching $311 million.
Most land sales came from Yuga Labs’ Otherside metaverse NFTs, Otherdeeds, which topped $222 million in trading volume.
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.
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.
Trading volume on Decentraland has spiked 63% to $26,880 in the last seven days in anticipation of its Metaverse Fashion Week 2023.
Brands participating in the event that links young designers with traditional fashion houses include Dolce&Gabbana, Tommy Hilfiger, and Diesel.
Driving fashion brands to digital spaces is a new generation of Gen Z and Millennial fashionistas who value their online more than their in-person presentations.
Digital fashion designers are also looking to capitalize on a growing trend among U.K. shoppers of buying clothes to pose for a social media post and then returning them.
In Q1, 2023, investors pumped $502 million in Web 3 gaming and metaverse projects, down from $7.6 billion, but still significant given the recent souring of investor sentiment towards the crypto industry.
The metaverse presents fashion houses with a 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.
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