March Metaverse Recap

In March, the virtual land non-fungible token (NFT) market showcased the metaverse's persistent appeal, drawing the interest of investors and market enthusiasts alike. After experiencing a feverish gold rush in May 2022, when Otherdeeds for Otherside was released and captured a 24% share of the total volume across all NFT collections, the metaverse market, which comprises various distinct virtual worlds, has witnessed a significant slowdown. The once overinflated market now accounts for a mere 5% of the total NFT market volume.

Despite witnessing a modest surge in February, the total trading volume of virtual land NFTs in the most prominent metaverses faced a setback in March, dropping by 28.8% MoM to $109.3 million. Nevertheless, the total trading volume across all collections demonstrated the market's resilience, surpassing the $100 million mark for the second consecutive month.