To summarize

• Yuga Labs has purchased approximately two-thirds of all metaverse land since the beginning of 2023.
• From the $300 million in metaverse sales this year, the collection has made approximately $200 million thus far.
• Particularly, as younger customers place a higher value on digital worlds than the real world, fashion houses are pushing their metaverse marketing efforts.

According to a new DappRadar NFT report, digital land NFT trading volume increased by 277.12% to $311 million in the first quarter of 2023.

Yuga Labs’ Otherside metaverse NFTs, Otherdeeds, accounted for the majority of land sales, with trading volumes exceeding $222 million.

Metaverse Land Sales Flourish Amid Ongoing Winter

The trading volume on Otherdeeds increased by more than 200 percent from January to February 2023, reaching $137 million alone. Sewer Pass’s launch coincided with the surge.

Otherdeeds is likewise overwhelming Walk with an exchanging volume of $47 million, which addresses 95% of all computerized land deals.

With $60 million in trading volume, the recently launched MG Land came in second in the first quarter. Users of MG Land are able to construct a digital space where they can socialize and participate in numerous activities. The Sandbox recorded trading volume of $3.5 million.

Decentraland has had $1.9 million in annual trading volume. The number of Decentraland wallets has risen to 1,490 by 16%.

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Fashion NFTs Expose Traditional Brands to Younger Clients

Additionally, there was a rise in the number of luxury fashion brands releasing NFT fashion collections online during the first quarter of 2023.

Adidas Originals Into the Metaverse, Nike MNLTH, Decentraland Wearables Matic, and 10KTF are the most well-liked collections. 74% of NFT fashion item trading volumes came from the 10KTF collection. The 2021-released 10KTF collection was acquired by Yuga Labs.

In anticipation of Decentraland’s Metaverse Fashion Week 2023, trading volume has increased by 63% to $26,880 in the past seven days.

Dolce&Gabbana, Tommy Hilfiger, and Diesel are among the brands participating in the event that brings together established fashion houses and emerging designers.

A new generation of Gen Z and Millennial fashionistas who value their online experiences more than their in-person ones is driving fashion brands to digital spaces.

Digital fashion designers are also trying to take advantage of the growing trend among shoppers in the United Kingdom to buy clothes and then return them for social media posts.

Investors invested $502 million in Web 3 gaming and metaverse projects in the first quarter of 2023, down from $7.6 billion previously, but still significant given the recent decline in investor enthusiasm for the cryptocurrency industry.

Fashion houses can use preexisting designs and benefit from lower production costs thanks to the metaverse.

The digital fashion industry is expected to reach $50 billion by 2030, according to Morgan Stanley.