Yuga Labs Leads Increase in Metaverse NFT Volume in Q1 2023

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    A new DappRadar NFT report shows that digital land NFT trading volume grew 277.12% in Q1 2023, reaching $311 million.

    Most of the land sales came from Yuga Labs’ Otherside metaverse NFT, Otherdeeds, with a turnover of over $222 million.

    In February 2023 alone, Otherdeeds’ trading volume reached $137 million, up more than 200% from January. This surge coincided with the launch of Sewer Pass.

    Virtual world in descending order of trading volume | Source: Dapp Radar

    Otherdeeds also dominated $47 million in volume in March, accounting for 95% of all Digitalland sales.

    The first quarter runner-up includes the recently launched MG Land, with $60 million in volume. MG Land allows users to build a digital space to interact and participate in many activities. Sandbox trading volume hit $3.5 million.

    Decentraland’s trading volume reached $1.9 million year-to-date. Decentraland wallets grew 16% to 1,490.

    Fashion NFT exposes traditional brands to younger customers

    The first quarter of 2023 also saw a surge of luxury fashion brands placing their NFT fashion collections in virtual spaces.

    Our most popular collections include Adidas Originals Into the Metaverse, Nike MNLTH, Decentraland Wearables Matic, and 10KTF. The 10KTF collection accounted for 74% of NFT fashion item turnover. Yuga Labs has acquired his 10KTF collection for 2021.

    fashion brand
    Top 10 NFT Fashion Collection | Source: Dapp Radar

    Decentraland’s trading volume surged 63% to $26,880 over the past seven days in anticipation of Metaverse Fashion Week 2023.

    Connecting young designers with traditional fashion houses, brands participating in the event include Dolce & Gabbana, Tommy Hilfiger and Diesel.

    Driving fashion brands into the digital space is a new generation of Gen Z and millennial fashionistas who value online over face-to-face presentations.

    Digital fashion designers are also looking to capitalize on the growing tendency among UK shoppers to buy and return clothes by posing for social media posts.

    In the first quarter of 2023, investors put $502 million into Web3 games and the Metaverse project, down from $7.6 billion, but given the recent deterioration in investor sentiment towards the crypto industry. still important.

    The Metaverse provides fashion houses with low-cost merchandise and the ability to use existing designs.

    According to Morgan Stanley, the digital fashion industry will reach $50 billion by 2030.

    Forbee[In]Click here for Crypto’s latest Bitcoin (BTC) analysis.


    BeInCrypto has reached out to the companies or individuals involved in the story to obtain an official statement regarding the recent developments, but has yet to hear back.


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