The Metaverse, a virtual world that allows users to interact with each other in a simulated environment, is experiencing a resurgence in popularity. The Q1 Metaverse research report by DappRadar has revealed that the transactions of non-fungible tokens (NFTs) on the Metaverse have recorded $311 million in the first quarter of 2023, which is a significant increase compared to last year.

The report shows that the virtual land transactions reached a record high of 146,690 in the first quarter of this year, with Otherside Metaverse leading the way. Otherside Metaverse land-related NFTs recorded $222 million in transaction volume, which is a 237% increase from the previous quarter. MG Land, which was launched earlier this year, also had a transaction amount of close to $60 million, ranking second.

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The metaverse is expected to experience a bull market as more investments and partnerships are being made. Creatora Genesis Land came in at number three with approximately $14 million in deals and 6,308 units sold. The Sandbox, which was previously a strong player in the Metaverse, recorded $3.5 million in transaction volume and 7,338 transactions in the first quarter, ranking fourth.

Despite the decrease in transaction volume, The Sandbox secured partnerships with Havas Play, GCEX, and Saudi Arabia. In addition, The Sandbox announced its entry into Germany by acquiring game development studio Sviper, and TOEI ANIMATION, Japan’s leading animation company, is also planning to enter The Sandbox’s metaverse.

Exy Infiniti moved down to fifth place, with a decrease of 14.66% from the previous quarter. NFT Worlds came in sixth with $2.5 million, up 273.03% from the previous month.

The metaverse virtual worlds market had stagnated last year, but this year it is showing strength again, with more investment attraction and partnership raising expectations for the virtual world space in the future. The Q1 Metaverse research report by DappRadar suggests that the metaverse is on the rise, and there is potential for it to become a significant player in the world of online transactions.

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This article was republished from azcoinnews.com

A new report from DappRadar on the state of DeFi shows that the industry has had a successful quarter despite facing challenges since late 2022. While the overall cryptocurrency market saw a downtrend in 2022, which affected the number of users interacting with DeFi applications, the industry has witnessed a considerable increase in Total Value Locked (TVL).

According to the report, the number of daily active wallets (dUAW) decreased by almost 10% compared to the previous quarter.

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However, this is in line with the overall decline in dUAW across all cryptocurrency sectors since Q4 2022. Most of these users are active on Binance, reaching 449,000 dUAW in Q1 2023. However, this still represents a 28% decrease compared to the 629,000 dUAW in the last quarter of 2022. This indicates a decline in DeFi’s market share of users.

Currently, the trading platform Wax ranks second in terms of the number of daily active wallets with nearly 400,000, increasing 9% in the past three months. In addition, Polygon has seen a surge of 25% in dUAW, surpassing 197,000 unique wallets per day.

While most other blockchain platforms have shown slight growth in the number of active users, Arbitrum has achieved an impressive milestone with a 125% increase in dUAW compared to the previous quarter.

The growing interest in Arbitrum has also driven the TVL of this layer 2 blockchain to a new high of $2.25 billion. Currently, the TVL of the DeFi industry is holding at $83.3 billion after the end of Q1 2023, according to DappRadar. This figure represents a 37% increase compared to Q4 2022. The Arbitrum airdrop has stirred up the cryptocurrency community, attracting a large number of users to this platform. This is also one of the driving forces behind the development of the entire DeFi industry.

On March 16, the Arbitrum Foundation announced that ARB, Arbitrum’s new token, would be airdropped to community members on March 23. The project has distributed over 1 billion ARB to around 600,000 user wallets, pushing the number of transactions on this layer 2 blockchain to a record 2.7 million, surpassing both Ethereum and Optimism.

The decline in the number of active users in DeFi may be a concern, but the industry’s TVL growth and the success of platforms like Arbitrum suggest that DeFi is still a significant force in the cryptocurrency world. With the growing popularity of layer 2 blockchain platforms and the increasing adoption of DeFi in traditional finance, the future of DeFi looks promising.

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This article was republished from azcoinnews.com