Axie Infinity Land Plot Sold for Record $2.48 Million

An extremely rare piece of virtual land in the crypto game Axie Infinity recently sold for 550 Ethereum (ETH). That’s worth over $2.48 million at current prices. The piece of “Genesis” land is one of the rarest in the game.

Digital Land on Axie Infinity
The plot of “Genesis” land – Source: Axie Marketplace.

What is Axie Infinity?

Axie Infinity is a game in which players Axies (These are small pokemon like creatures), can collect. They can also have the Axies fight each other to earn the Smooth Love Potion (SLP) cryptocurrency.

In-game items, including plots and the Axies themselves, are represented by NFTs. These are cryptographically unique assets that can be used to prove ownership of digital content.

The game has gained notoriety in the past year and became the most traded NFT collection ever in the third quarter of 2021. It had a trading volume of more than $2.5 billion. Its popularity is partly due to its play-to-earn mechanism, which has even allowed gamers in countries like the Philippines to earned their living by playing the game. Speaking at a conference, Axie Infinity co-founder Aleksander Leonard Larsen noted that the game now has approximately two million daily active players.

NFT powered games like Axie Infinity are considered to be pioneers of the metaverse. The metaverse is a digital environment in which users move between virtual worlds and interact with others through customizable avatars. NFTs are seen as a crucial building block in the metaverse. They allow users to take ownership of virtual items such as plots, avatars and artifacts, and will eventually allow them to move those items between different virtual worlds.

In a released In the report, Grayscale analysts described the opportunities presented by the metaverse, or what the report calls “Web 3.0 Virtual Cloud Economies.”

“Web 2.0’s mobile Internet changed how, where, when and why we used the Internet,” Grayscale writes. This in turn changed the products, services and companies we used, which changed our business models, culture and politics – the Web 3.0 Metaverse has the potential to do the same.”

Table of differences between different iterations of the Internet
Source: Grayscale.

Grayscale goes so far as to value the metaverse at a whopping $1 trillion.

The chance to bring the Metaverse to life could be worth more than $1 trillion in annual sales. It can compete with Web 2.0 companies with a market value of about $15 trillion today,” they write.

The enthusiasm for the metaverse certainly seems to be growing. Several metaverse-centric cryptocurrencies hit record highs in recent days. And with Grayscale claiming that the Metaverse is still “in its infancy,” the industry is likely to sell more millions of dollars worth of precious virtual real estate.

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