NFT trading volumes hit all-time high: $311 Million in Q1

• NFT trading in virtual worlds has seen a significant increase with 147,000 trades generating $311 million in the first quarter of 2023.
• The Otherside metaverse saw an especially high growth with its Otherdeed NFTs registering $222 million in trading volume – a 237% increase from the previous quarter.
• This growth is attributed to platforms like Yuga Labs’ Otherside and MG Land, Blur’s “airdrop seasons and farming,” as well as Yuga Labs announcing the official date of its “Second Trip” for holders of Otherdeed NFTs.

NFT Trading Volume Reaches New High

Non-fungible token (NFT) trading across virtual worlds has hit a new all-time high this past quarter according to DappRadar’s report, with 147,000 trades generating $311 million in total trading volume.

Otherside Metaverse Leads Growth

The Otherside metaverse was one of the biggest contributors to this growth, with its Otherdeed NFTs registering $222 million in trading volume – a 237% increase from the previous quarter. Notably, one Otherdeed NFT sold for 186 ETH (about $2.85 million at the time), which is the highest recorded sale for virtual land last quarter.

Yuga Labs‘ ‚Second Trip‘ Helps Boost Volume

The surge in NFT transactions could also be attributed to platforms like Yuga Labs‘ Otherside and MG Land as well as Yuga Labs announcing the official date of their ‚Second Trip‘ for holders of their Otherdeed NFTs earlier this month.

„Airdrop Seasons“ Also Contribute To Growth

Sara Gherghelas, blockchain analyst at DappRadar also noted that Blur’s „airdrop seasons and farming“ likely contributed to the rising success of these tokens over the same period.

Conclusion

Overall this report highlights just how much interest there is in virtual world ownership via NTFs while affirming that platforms like Yuga Labs are crucial to sustaining such momentum going forward.