A new DappRadar NFT report shows that trading volume for digital land NFTs grew by 277.12% in Q1, 2023 to reach $311 million.
Most of the land sales came from Yuga Labs’ Underside Metaverse NFT, OtherDeads, which topped $222 million in trading volume.
In February 2023 alone, other actions saw $137 million in trading volume, up more than 200% from January. The boom came with the launch of Sewer Pass.
Other operations also dominated March with a trading volume of $47 million, representing 95% of all digital land sales.
The runners-up in Q1 include the recently launched MG Land with a trading volume of $60 million. MG Land allows users to create a digital space to socialize and engage in multiple activities. The sandbox recorded $3.5 million in trading volume.
Trading volume for Decentraland totaled $1.9 million year-to-date. Decentraland wallets have increased by 16% to 1,490.
Fashion NFTs showcase traditional brands for young customers
The first quarter of 2023 also saw an increase in luxury fashion brands populating virtual spaces with NFT fashion collections.
Some of the most popular collections include adidas Originals Into the Metaverse, Nike MNLTH, Decenterland Wearables Matic, and 10KTF. The 10KTF collection accounts for 74% of the trading volume for NFT fashion items. Yug Labs acquired the 10KTF collection, which is slated to launch in 2021.
Trading volume on Decentraland has increased by 63% to $26,880 over the past seven days in anticipation of Metaverse Fashion Week 2023.
Brands participating in the program that connects young designers to traditional fashion houses include Dolce & Gabbana, Tommy Hilfiger and Diesel.
Driving fashion brands into the digital space is Gen Z and a new generation of millennial fashionistas who value their online presence more than their in-person presence.
Digital fashion designers are trying to capitalize on a growing trend among UK shoppers to buy clothes and then return them to pose for social media posts.
In Q1, 2023, investors pumped $502 million into the Web3 Gaming and Metaverse projects, down from $7.6 billion, but still significant given the recent deteriorating investor sentiment towards the crypto industry.
Metaverse presents fashion houses with a low cost of goods and allows them to use existing designs.
According to Morgan Stanley, the digital fashion industry is set to reach $50 billion by 2030.
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