Investment is pouring into the metaverse and more land is being traded than ever before.
The metaverse is gathering momentum in 2023. According to DappRadar, virtual land trading reached an all-time high in Q1 2023. In total, there were 147,000 trades, with Otherside and MG Land accounting for 75% of all land sales.
Furthermore, trading volume for virtual worlds is on the rise. In Q1 2023, $311 million was traded in virtual worlds. That’s a 277% increase from Q4 2022.
Thus, as virtual worlds launch their initiatives for 2023, money continues to pour into the metaverse sector.
In fact, $502 million was invested into blockchain gaming and metaverse projects in Q1 2023.
New year buzz
The virtual market is absolutely flying at the moment. What is more, this record-breaking quarter was dominated by two projects – Otherside and MG Land. Firstly, there is a fresh wave of hype surrounding Otherside, by Yuga Labs. The reason for the hype is the forthcoming “second trip”, which takes place on March 25th.
In essence, the “second trip” will be a live event, where Otherside NFT holders can dive into the Otherside metaverse. The land NFTs for Otherside are known as “Otherdeeds”, and the platform registered $222 million in trading volume in Q1 2023.
Next, MG Land is a rising contender in the metaverse stakes. Indeed, this 2D virtual world is available on PC and mobile, and allows users to rent land and build their own customized metaverse.
For example, you can monetize your MG Land by hosting games and events, and even press conferences and community calls. Moreover, the platform supports social interaction, allowing users to meet friends, socialize and play games together. The platform even supports all NFTs on BSC, Ethereum, Polygon, and Solana.
In summary, MG Land is now a leading virtual world, with almost $60 million in trading volume and 45,219 land sales.
Best of the rest
Also gaining popularity is Createra Genesis Land, for the Createra metaverse. This platform is dedicated to creators, and enables users to build, experience and monetize their content through the tools provided. Hot on the heels of a $10 million Series A funding round led by Andreessen Horowitz (a16z), Createra is on its way to being a major player in the metaverse space. During Q1, the platform amassed $14 million in trading volume and 6,308 total sales.
Watch this space for more on these emerging virtual worlds.