Investment in the metaverse has hit an all-time high in the first quarter of 2023, with virtual land trading reaching new heights, according to a report by DappRadar. The report confirmed that a massive 147,000 land trades were recorded, with Otherside and MG Land accounting for 75% of all land sales. The report also shows that trading volume for virtual worlds has increased by 277% from Q4 of 2022, with a whopping $311 million traded in Q1 of 2023 alone.
The article reveals that the virtual market is buzzing, with two projects – Otherside and MG Land – dominating the space. Otherside by Yuga Labs, has sparked new interest due to its forthcoming “second trip” live event scheduled for March 25th. Those who hold Otherside NFTs can gain entry into the metaverse, with NFT land sales (Otherdeeds) reaching $222 million in Q1.
MG Land, a 2D virtual world, is another rising contender in the metaverse space, with almost $60 million in trading volume and 45,219 land sales. The platform allows users to rent land and build their customized metaverse, monetize it, and host games, events, conferences, and other community calls.
The article also highlights Createra Genesis Land, a platform dedicated to creators, which allows users to build, experience, and monetize their content via the tools provided. The platform raised $10 million in a Series A funding round led by Andreessen Horowitz (a16z) and amassed $14 million in trading volume and 6,308 total sales in Q1 of 2023.
The metaverse is gaining momentum, and investment continues to pour in as virtual worlds launch their initiatives for 2023. More can be expected as emerging virtual worlds make their mark and capture the attention of investors and the consumers who will shape the metaverse. It is evident that the metaverse will continue to be a major player in the future, as a space where people from all over the world can connect, interact, and explore in new and unprecedented ways.