According to the results of a recent study by DappRadar, in the 1st quarter of this year there was a sharp jump in interest in the lands in the metaverses. Trading volumes of NFT tokens for virtual land plots increased by an impressive 277.12% to $311 million.
The highest activity in land sales was observed in the popular Otherside metaverse from the Yuga Labs project. Its native non-non-fungible token is Otherdeeds. The trading volume of this NFT was about $222 million.
In February alone, this figure reached $137 million, soaring by 200+% compared to January. It is believed that this growth was largely due to the news about the launch of the Sewerpass. As part of this project, users have the opportunity to gamify the NFT mint process.
In March, Otherdeeds continued to do well. Trading volumes on this platform amounted to $47 million, while forming 95% of all sales of virtual lands.
One of the leaders of the 1st quarter was also the new MG Land project with an indicator of $ 60 million. The heavyweight of the metaverse segment, The Sandbox, registered trading volumes of $3.5 billion. The result of its permanent competitor Decentraland as of this year amounted to $1.9 billion.
Also, according to the results of the 1st quarter of 2023, analysts noted an increase in the popularity of luxury fashion brands and their NFT collections in the metaverse.
The most popular collections included Into the Metaverse
by Adidas Originals, MNLTH by Nike, Puma and 10KTF. The 10KTF NFT collection accounted for 74% of all NFT token trading volumes in the fashion segment. Earlier, the editors of BeInCrypto said that in November last year, the developer of the 10KTF NFT collection was bought by the Yuga Labs studio.
Trading volumes on Decentraland have soared by 63% over the past seven days to $26,880. This may be due to expectations of the upcoming opening of haute couture week on this platform. The event will be held from March 28 to 31, and it will be attended by world-famous brands, including Dolce& Gabbana, Tommy Hilfiger, Diesel, Adidas and DKNY.
It is believed that fashion brands are now actively exploring the digital space of the metaverses in order to attract representatives of younger generations, such as millennials, who are much more interested in online presentations than events taking place in the physical world.
According to Morgan Stanley estimates, the virtual fashion industry could grow to $50 billion by 2030.