Report: Metaverse NFT Volume Reaches $300 Million in Q1 2023

    Yuga Labs accounts for about two-thirds of all metaverse land purchases since the beginning of 2023.

    A new report from DappRadar NFT showed that the transaction volume for digital land NFTs increased by 277.12% in Q1 2023, reaching $311 million.

    Most of the land sales come from Yuga Labs’ NFTs, Otherdeeds, which topped out with $222 million in transaction volume.

    In February 2023 alone, Otherdeeds achieved a trading volume of $137 million, an increase of more than 200% compared to January. The increase coincided with the launch of the Sewer Pass.

    Source: DappRadar

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

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

    Transaction volume for Decentraland topped a total of $1.9 million from the beginning of 2023. The Decentraland wallet has grown 16% to 1,490.

    Trading volume on Decentraland skyrocketed 63% to $26,880 in the past seven days in anticipation of Metaverse Fashion Week 2023.

    In Q1 2023, investors pumped $502 million into metaverse projects and Web 3 games, down from $7.6 billion, but still substantial due to investor sentiment towards the turbulent cryptocurrency industry. 

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