• Web3 Metaverse NFT trading volume hit a new all-time high in Q1 of 2023, with 147,00 trades generating $311 million in trading volume.
• The Otherside metaverse and MG Land dominated the space, with Otherdeed NFTs registering $222 million in trading volume and one Otherdeed NFT selling for 186 ETH ($2.85 million).
• This surge is due to platforms such as Yuga Labs’ Otherside and Blur’s “airdrop seasons and farming.”
Web3 Metaverse NFT Trading Volume Hits All-Time High
Non-fungible token (NFT) trading increased across virtual worlds in the first quarter of 2023, according to a DappRadar report published Thursday. A total of 147,000 trades generated $311 million in trading volume this past quarter – an all-time high.
Yuga Labs’ Otherside & MG Land Dominate Virtual Land Trading
The report found that virtual land trading was led by platforms such as Yuga Labs’ Otherside and MG Land. Otherdeed NFTs, which are linked to land in the Otherside metaverse, registered $222 million in trading volume in the first quarter – a 237% increase from the previous quarter. One particular sale of an Otherdeed NFT was recorded at 186 ETH (about $2.85 million at the time).
Blur’s “Airdrop Seasons & Farming” Contributing To Uptick
The surge of virtual land trading is also attributed to Blur’s “airdrop seasons and farming.” Earlier this month, Yuga Labs announced the official date of its “Second Trip” for holders of Otherdeed NFTs – likely also contributing to its uptick.
Daniel Alegre: New CEO Of Yuga Labs
Yuga Labs recently welcomed Daniel Alegre as its new CEO back on March 14th 2021 – his first public appearance since assuming the position will be taking place soon!
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