Back to the list

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

source-logo  beincrypto.com 23 March 2023 19:03, UTC

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.

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.

Top 10 NFT Fashion Collections | Source: DappRadar

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.

For Be[In]Crypto’s latest Bitcoin (BTC) analysis, click here.