Key highlights:
- Yuga Labs’ Otherside dominates the market with over 71% of all metaverse virtual land trading, with the biggest trade being a virtual land sale worth $2.85 million.
- The second and third places are taken by MG Land and Createra Genesis Land, respectively.
- Decentraland ranks seventh with $1.9 million in virtual land trading volume, down 33% from the previous year. The growing interest in metaverses has resulted in a $504 million investment in the industry.
Do you have a virtual land? According to reports, more people than ever before in the last few months are interested in buying virtual land. In 2023, $311m of metaverse virtual land was traded in the first 70 days, DappRadar reported on March 23.
In the first quarter of 2023, cryptocurrencies, NFTs, and metaverses are progressing very positively. Since the beginning of the year, more than 175,000 virtual land trading occurred on metaverse platforms. The three leading projects in this field are Otherdeed for Otherside, MG Land, and Createra Genesis Land.
Yuga Labs’ Otherside Dominates the Industry
Yuga Labs represents over 71% of all metaverse virtual land trading. In the first week of March, Yuga Labs announced the “Second Trip” official date for Otherdeed NFT owners. Tomorrow (March 25), Otherdeed NFT owners will be able to participate in the second gamified test of the Otherside metaverse. As we move into new stages in the universe’s development, Otherdeed NFTs reached $222M trading volume in the first quarter of 2023. The biggest of these trades was the virtual land sale worth $2.85M (186 ETH).
Most of MG Land’s trading volume took second place on the NFT marketplace Blur, which has marked the last two months. MG Land NFTs got their share of the wash trading in the marketplace.
Third place Createra Genesis Land is a new project launched in January 2023 after a $10 million funding round. The project, which has reached a trading volume of 14 million dollars, wants to shape the metaverse through the activities of the participating users.
The two projects that followed them were The Sandbox and Axie Infinity, which we have been familiar with for a long time.
Decentraland Ranked 7th
Decentraland will host Metaverse Fashion Week, which will take place March 28-31. MVFW will be organized in the Luxury District as it was last year. Brands that will participate in the event include Tommy Hilfiger, Dolce & Gabbana, Diesel, and many more.
While the upcoming event has greatly increased the trading volume and the number of unique active wallets in Decentraland, these have not been enough for Decentraland. While reaching $2.8M virtual land trading volume in the first quarter of 2022, it remained at $1.9M, down 33% this year. On the other hand, the number of UAW increased by 16% to 1,490.
Investing in Metaverse Grows
Many industries are embracing metaverses and other Web3 applications to innovatively future-proof their workflows and marketing efforts. Before the first quarter of 2023 was completed, 504 million dollars were invested in the metaverse industry. This is a sign of how much the industry can grow soon.
