April 3, 2023<\/p>\n\n\n\n
By Murtuza Merchant<\/p>\n\n\n\n
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. <\/p>\n\n\n\n
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.<\/p>\n\n\n\n
Virtual Worlds Achieve Record-Breaking Performance<\/strong><\/p>\n\n\n\n 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. <\/p>\n\n\n\n Land trades also hit a record high of 146,690, marking an 83.56% increase from the previous quarter.<\/p>\n\n\n\n Top Performers in Virtual World Dapps<\/strong><\/p>\n\n\n\n Otherside’s Otherdeed<\/strong>: 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.<\/p>\n\n\n\n MG Land<\/strong>: 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.<\/p>\n\n\n\n Createra Genesis Land<\/strong>: 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.<\/p>\n\n\n\n The Sandbox<\/strong>: Despite a decrease in trading volume and sales, The Sandbox secured multiple partnerships and announced expansions, landing it in fourth place.<\/p>\n\n\n\n Axie Infinity<\/strong>: In fifth place, Axie Infinity generated $2.5 million in trading volume, thanks to the launch of Homeland.<\/p>\n\n\n\n NFT Worlds<\/strong>: Recovering from the Minecraft ban on NFTs, NFT Worlds saw a trading volume increase of 273.03% from the previous quarter.<\/p>\n\n\n\n WorldWideWebb<\/strong>: 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.<\/p>\n\n\n\n The first quarter of 2023 showcased a bullish start for virtual worlds, with increased trading volume and sales count for top virtual dapps. <\/p>\n\n\n\n The $502 million in investments in blockchain gaming and metaverse projects are expected to drive further growth and innovation in the virtual world space.<\/p>\n\n\n\n About the author<\/strong><\/strong><\/p>\n\n\n\n Murtuza Merchant is a senior journalist and an avid follower of blockchain and cryptocurrencies.<\/p>\n","protected":false},"excerpt":{"rendered":" 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 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