According to a DappRadar report published Thursday, NFT transactions in the Metaverse saw growth in the first quarter of 2023, totaling $311 million so far this year.
The report noted that virtual land sales reached an all-time high of 147,000 transactions in the past quarter, largely due to the dominance of platforms such as Yuga Labs’ Otherside and MG Land.
Among them, the transaction volume of NFTs related to the Otherside metaverse virtual land in Q1 was 222 million US dollars, a quarter-on-quarter increase of 237%.
The report also revealed that $417.5 million was invested in blockchain games and metaverse projects in the first quarter of 2023.
As the virtual world continues to grow and expand, NFTs are becoming more and more important as a means of ownership and investment in the virtual world. The report suggests that the trend of virtual land sales and NFT transactions will continue to increase as more players enter the market and discover new use cases for NFTs.
The DappRadar report highlights the rapid growth of the Metaverse and its related industries, with virtual land sales and NFT trading leading the way.