Virtual Land Gold Rush: Q1 2023 Explodes With Mind-Blowing $502M Investments

Zinger Key Points
  • Otherside and MG.Land secure a whopping 75% of first quarter virtual land sales.
  • Other prominent players in the virtual land market include Createra Genesis Land, The Sandbox and Axie Infinity.

The virtual land trading market experienced unprecedented growth, reaching an all-time high with 147,000 trades in the first quarter of 2023.

According to data compiled by DappRadar, Otherside and MG.Land were the driving forces behind this surge, accounting for 75% of first-quarter land sales.

Record-breaking performance in virtual worlds land trading saw a staggering 277.12% increase in trading volume during the first quarter of 2023, totaling $311 million.

This impressive performance was driven primarily by Otherside's Otherdeed platform, which registered a trading volume of $222 million and a sales count of 65,399, both new records for the platform.

Also Read: Changpeng Zhao 'Answers To No One But Himself,' CFTC Says in Lawsuit Against Binance CEO

Rapid Growth In Blockchain Gaming And Metaverse Projects: The first quarter of 2023 also witnessed significant investment in blockchain gaming and metaverse projects, totaling $502 million.

This influx of capital indicates the growing interest and confidence in the potential of virtual worlds and their impact on various industries.

Prominent players in the virtual land market apart from Otherside and MG.Land include Createra Genesis Land, The Sandbox and Axie Infinity.

These platforms continue to attract users and investments, showcasing the potential for growth in the virtual world market.

Decentraland's Metaverse Fashion Week 2023: Decentraland, a leading user-owned virtual world, is set to host the Metaverse Fashion Week (MVFW) 2023 from March 28-31.

This event aims to bridge the gap between traditional fashion and digital innovation by connecting next-generation designers with luxury fashion houses under the theme of "Future Heritage."

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Photo: Decentraland image on laptop, image by Ira Lichi via Shutterstock

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Posted In: CryptocurrencyNewsMarketsAxie Infinityblockchain gamingCreatera Genesis LandDecentralandmetaverseMG.LandNFT trading volumeOthersideThe SandboxVirtual land tradingvirtual reality
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