Virtual Reality Gold Rush: Blockchain Gaming and Metaverse Projects Rake in a Whopping $502 Million

April 3, 2023

By Murtuza Merchant

The first quarter of 2023 marked a new era in the world of virtual reality, as blockchain gaming and metaverse projects attracted a staggering $502 million in investments. 

Decentralized fashion shows and high-end luxury brands joining the NFT space are just a few examples of the exciting developments in the metaverse, making it clear that virtual worlds are no longer limited to the realms of science fiction.

Virtual Worlds Achieve Record-Breaking Performance

The virtual world market experienced a bull run in Q1 2023, with digital land trading volume increasing by 277.12% to a total of $311 million. This impressive growth represents the best quarter for virtual worlds since the Terra Luna crash in May 2022. 

Land trades also hit a record high of 146,690, marking an 83.56% increase from the previous quarter.

Top Performers in Virtual World Dapps

Otherside’s Otherdeed: With the highest trading volume in Q1 at $222 million, a 237.34% increase from the previous quarter, and a sales count of 65,399 (up 138.80%), Otherside’s Otherdeed platform led the pack.

MG Land: As a top performer, MG Land generated nearly $60 million in trading volume and 45,219 sales. The platform’s success can be attributed to NFT whales collecting BLUR tokens for an upcoming airdrop on the Blur NFT marketplace.

Createra Genesis Land: Landing in third place, Createra reported a trading volume of nearly $14 million and 6,308 sales. The creator-oriented metaverse project received $10 million in Series A funding led by Andreessen Horowitz (a16z) in January.

The Sandbox: Despite a decrease in trading volume and sales, The Sandbox secured multiple partnerships and announced expansions, landing it in fourth place.

Axie Infinity: In fifth place, Axie Infinity generated $2.5 million in trading volume, thanks to the launch of Homeland.

NFT Worlds: Recovering from the Minecraft ban on NFTs, NFT Worlds saw a trading volume increase of 273.03% from the previous quarter.

WorldWideWebb: With a trading volume of $1.7 million, an increase of 201.72% from the previous quarter, WorldWideWebb received a $10 million investment from Pantera Capital in late February.

The first quarter of 2023 showcased a bullish start for virtual worlds, with increased trading volume and sales count for top virtual dapps. 

The $502 million in investments in blockchain gaming and metaverse projects are expected to drive further growth and innovation in the virtual world space.

About the author

Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.

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