The number of virtual land trades in the form of NFTs hit 147,000 across the metaverse platforms in Q1 of the year, reaching a new all-time high, according to a recent report from Web3 data platform DappRadar.
The metaverse users bought $311M of virtual land NFTs during the three-month period.
The Otherside metaverse developed by Yuga Labs, the firm behind the famous Bored Ape Yacht Club (BAYC) and CryptoPunks NFTs, dominated the virtual land sales.
- The trading volume of Otherdeed NFTs used to hold virtual land in Otherside increased by 237% compared to the previous quarter, reaching $222M.
- New NFT marketplace Blur, gaining massive popularity over the last several months, also had an impact on the increase in trading volumes with its airdrop seasons.
- Other virtual worlds that reached high amounts in trading volumes include Createra Genesis Land, The Sandbox, Axie Infinity, and Decentraland.
- In the report, DappRadar also noted that blockchain gaming and metaverse projects raised $417.5M of investment in Q1 2023.
