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Analyzing Q1 Metaverse NFT report card; Otherdeed saw 200% increase in…

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Analyzing Q1 Metaverse NFT report card; Otherdeed saw 200% increase in...

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  • Otherdeed saw over a 200% increase in virtual land sales in Q1 of 2023.
  • Metaverse NFTs witnessed more sales in the Q1 of 2023 compared to 2022.

As much as you may have wished the conversation around Non-Fungible Tokens (NFTs) to fade away, the topic is here to stay. Also, recent data has emerged to underscore its remarkable expansion.

The latest report by DappRadar is a stark reminder of the impressive strides made by NFTs in the first quarter. The growth, particularly in the Metaverse NFT arena, shows how they reign supreme.

Otherdeed leads Metaverse land sales

According to a recent report from DappRadar, the first quarter of 2023 witnessed an impressive surge in trading volume for digital land, with a staggering 277.12% increase of $311 million.

The growth is remarkable and marks the most lucrative quarter for NFTs and virtual worlds since the Terra Luna crash in May 2022. 

Metaverse NFT land sales

Source: DappRadar

Furthermore, the number of land trades reached an all-time high of 146,690, representing an incredible surge of 83.56% from the preceding quarter.

These numbers clearly show the growing popularity and immense potential of digital land, making it an exciting time for the Metaverse NFT community.

Regarding sales count, Otherdeed emerged as the leader, with an impressive tally of 65,399 – a remarkable surge of 138.80% from the previous quarter of 2022, making it the highest ever registered.

In contrast, The Sandbox and Decentraland lagged far behind in fourth and seventh place, respectively, indicating that Otherdeed has established itself as a significant player in the digital land market.

These statistics underscore the growing importance of Otherdeed and highlight the potential of the metaverse NFT market.

Metaverse virtual land sales ranking

Source: DappRadar

Metaverse NFT fashion collection sales spike

The report by DappRadar also highlighted a general increase in the sales of Metaverse NFTs, particularly NFT fashion collections. The study revealed that NFT fashion collections generated an all-time volume of $366.4 million and 293,399 sales count. 

Among the most successful NFT fashion collections was Adidas Originals into the Metaverse, which boasts the highest all-time trading volume of $144 million and 47,399 sales.

However, in Q1 of 2023, the landscape of top NFT fashion collections shifted, with the 10KTF collections now dominating the market and accounting for 74% of the entire trading volume of NFT fashion collections.

Despite the prevailing mood in crypto, Metaverse NFTs have found their groove. With the conversation around Web3 gaining momentum and more funds flowing into the sector, metaverse NFTs, and NFTs as a whole, may experience further growth in the months ahead. 

These recent statistics from DappRadar serve as a testament to the potential of Metaverse NFTs, highlighting their ability to generate substantial trading volumes and capture the attention of investors and enthusiasts alike.

As the metaverse space evolves and matures, we can expect to see even more exciting developments in NFTs.

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Saman Waris works as a News Editor at AMBCrypto. She has always been fascinated by how the tides of finance and technology shape communities across demographics. Cryptocurrencies are of particular interest to Saman, with much of her writing centered around understanding how ideas like Momentum and Greater Fool theories apply to altcoins, specifically, memecoins. A graduate in history, Saman worked the sports beat before diving into crypto. Prior to joining AMBCrypto 2 years ago, Saman was a News Editor at Sportskeeda. This was preceded by her stint as Editor-in-Chief at EssentiallySports.
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