• Metaverse NFT trading volume reached an all-time high in Q1 2023.
• The sectors of Digital Fashion and Web3 gaming emerged as top prospects for growth.
• Record investments have been made into Web3 gaming and metaverse platforms, totaling $502 million in 2023.
Record Highs in Metaverse NFT Trading
Metaverse NFT trading volume reached an all-time high in the first quarter of 2023, with a 277% increase from Q4 2022. DeFi data aggregator DappRadar published a study citing this record-breaking performance on Thursday, March 20th. Digital Fashion and Web3 gaming were identified as the top prospects for growth, with investors and companies flocking to capitalize on the trend.
Yuga Labs‘ Otherdeed NFTs registered an impressive $222 million – accounting for 71% of total NFT trading volume – while MG Land reported $60 million in trading volume. Other top performers included Createra Genesis Land, The Sandbox, Axie Infinity, and Decentraland, collectively generating about $21 million in trading volume since 2021.
Investors have poured $502 million into Web3 gaming and metaverse platforms since the start of this year, representing 32.7% of total investments in crypto in 2023. Notable fundings include DressX, CCP Games, and legacy gaming companies moving to Web3; however many of these projects have yet to gain traction among gamers who seek meaningful experiences within these universes.
Web3 Gaming Growth
The growth of Web3 gaming has been exponential over the past few years due to its decentralization benefits such as true ownership of assets by users and the ability to build applications without intermediaries like governments or corporations controlling them directly. This creates an environment that encourages user engagement while also eliminating censorship or manipulation from outside entities.
Overall, interest in virtual worlds is growing as more investors flock to capitalize on this trend through investing or developing games within metaverses or other web 3 environments. With increasing institutional support driving demand for these digital assets there’s no telling where we’ll go next!