A recent analysis from DappRadar claims that the trading volume for virtual worlds in web3 experienced a 229% surge in February and reached its pre-Luna crash levels. The DappRadar data showed that the trade count doubled during the month to reach 51,000. Investors also contributed to the growth as the gaming and metaverse sectors raised a combined $148 million in finance.

Continue reading to know more.

Virtual Lands

The trade volume of virtual lands has increased over the past several months and did so again in February.

The results show a 229% increase in the trade volume of virtual land from $44 million in January to $145 million in February. The last time that the trading volume fell was in November 2022. The trading volume increased by 122% and 54%, respectively, in December 2022 and January 2023.

Yet, compared to the trading volume, the sales volume wasn't as steady with its increase. For instance, the sales count declined by 19% in January despite recording a 103% gain in February and reaching 51,300.

Investments

The data show that the gaming and metaverse industries raised $156 million in the capital in January and $148 million in February, holding steady on the investment front.

Nearly $71 million, or over 65% of the total, was spent on games and the Metaverse. Infrastructure received the second-largest amount with a contribution of 26.1%, or almost $46 million.

NFTs Return To Pre-Winter Levels

The expansion of the Metaverse and the gaming industry paralleled that of the NFT market, which reached pre-Luna Crash levels in February.

In February, the NFT trading volume grew by 117% to reach over $2 billion. The NFT sales count reported a 31.46% fall and dropped to 6.3 million in February, despite the spike in trading volume.

Sales counts and trading volumes are in conflict, which suggests that whales are actively involved in the spike in trade volume that has occurred in both the NFT market and the Metaverse.

Connect with our team to know more about the NFT market trends.