Why Did MG LAND Appear in Top Selling NFTs in March 2023?

Why Did MG LAND Appear in Top Selling NFTs in March 2023?

MG LAND skipped ranks in the digital collectibles sector this March, surpassing several mainstream projects to become a top 10 selling NFT – a feat that has shed light on the potential of the collection. 

MG LAND joined NFT royalty last month when it appeared in the top ten collections by sales volume for a 30-day period. The NFT‘s total sales volume during the month that ended Q1 2023 was approximately $25 million

While this value is relatively low when compared to the monthly sales volumes of some projects in 2021 and 2022, the downtrend in global NFT market sales made this stat the envy of many developers.

Why Did MG LAND Appear in Top Selling NFTs in March 2023?

What is MG LAND?

MG Land was created in December 2022 by Mega Game Space and comprises 5,000 items. 

MG Land NFTs represent ownership of virtual land in the online game world of MegaCryptoPolis (MCP). In MCP, players can buy virtual land parcels represented by NFTs, such as MG LAND. 

These virtual parcels can be deployed for a variety of purposes, such as building digital structures, generating virtual resources, and earning crypto rewards.

As an NFT, the 5,000 items are unique and cannot be replicated, which means their ownership and value are protected by Ethereum’s blockchain. MG Land can be bought and sold on OpenSea, the biggest NFT marketplace by all-time sales volume. 

Overall, MG LAND NFTs are a way for gamers and investors to participate in the growing virtual economy of online gaming, and potentially earn profits by buying and selling virtual land in MCP.

A rise in unique buyers and sellers 

MG LAND saw sales of approximately $20,000 in December with seven unique buyers and a single unique seller. 

The number of unique buyers crossed 1,000 for the first time in January and broke above 3,000 in February. The number of new people getting their hands on some of the 5,000 items, meanwhile, exploded by 9% from 3,573 in February to 3,920 in March. 

March 2023 not only led the project’s monthly unique buyers but unique sellers too. Unfortunately, the number of transactions MG Lands were involved in plunged by 30% to 6,509 from 9,553 in February.

Despite the relatively lower number of total transactions, the average sale value of $4,076.52 dwarfed February’s $1,583.47 and January and December’s $255.97 and $226.74 respectively. 

Why Did MG LAND Appear in Top Selling NFTs in March 2023?

Although MG LAND performed beyond the expectations of many industry experts, its value will always be determined by supply and demand, as well as the popularity and utility of the virtual land in MCP.

MG LAND surpasses MAYC, Sorare, and others

As of the end of Q1 2023, MG Land’s all-time sales were around $42 million, placing it in the top 170 collections by all-time sales volume. 

The project is relatively young and its cumulative sales metrics are way below mainstream collections such as NBA Top Shot, Sorare, Mutant Ape Yacht Club (MAYC), Azuki, Moonbirds, CloneX, Meebits, and Bored Ape Kennel Club (BAKC). 

Despite this, only Yuga Labs’ Bored Ape Yacht Club (BAYC), Otherdeed from Otherside, and CryptoPunks outpaced MG Land in March sales. 

Why Did MG LAND Appear in Top Selling NFTs in March 2023?

While sales in the first week of April have failed to replicate figures from March, only time will tell if the collection can break away from projects such as On-Chain Monkey, SolPunk, The Heart Project, and Cryptovoxels, and become a truly mainstream digital art collection.

Image credits: Shutterstock, CC images, Midjourney, Unsplash.