Earlier this week, an investor bought $2.3 million worth of virtual land in "Axie Infinity." This proves that investors see a lot of potential in the future of cryptocurrency.
Many felt surprised when a plot of virtual land sold for real money on Wednesday. It is also a sizable sum worth 550 ETH, which is equivalent to $2.3 million by current markets. "Axie Infinity" announced the shocking news on Twitter.
"Axie Infinity" also commented that it's "the largest sum ever paid for a single plot of digital land. Congrats to the buyer and seller!"
We believe this is the largest sum ever paid for a single plot of digital land.
— Axie Infinity (@AxieInfinity) November 24, 2021
Congrats to the buyer and seller! pic.twitter.com/M52AN6uLZl
Axie Infinity Land Price
"Axie Infinity" is a play-to-earn platform for cryptocurrencies. The game features virtual pets called Axies, which players use to battle and breed. "Axie Infinity" also features other assets like non-fungible tokens (NFTs) and digital plots of land.
For reference, the product sold is called "Genesis land plot" on "Axie Infinity." Game developers said this Axie homeland is divided by tokenized plots that can act as homes and bases for Axies. Over time, plots can be upgraded as a resource for investors playing the game.
One of "Axie Infinity's" special assets is its metaverse-linked tokens. Experts believe this might be the biggest contributor to the digital land's insane sale price.
Axie Infinity Land Sale: Metaverse Expands
According to Market Insider, "Axie Infinity's" prior sale was nine plots of land worth 888.25 ETH, equivalent to $1.5 million at the time it was sold. On a rival platform, "Decentraland," a digital property sold for $2.43 million. These recent sales emphasize that some digital lands have price tags higher than real-life homes, even in US' most expensive city.
This market momentum might be fueled by investors' interest on the growing metaverse.
Based on earlier reports, the metaverse is Mark Zuckerberg's project of revolutionizing social connections and the internet. Zuckerberg even changed Facebook's name to Meta, in line with the "company's vision to help bring the metaverse to life."
Although metaverse is nascent in terms of development, many investment firms already predict significant earnings in the digital world. They said linked companies like Roblox and Instagram would see a huge profit in the coming years. The same sentiment is shared to companies working on virtual reality and augmented reality.
"Axie Infinity" and its growing community is just one of the many companies that will benefit from the metaverse. However, keep in mind that the situation is still developing, so it is hard to determine whether "Axie Infinity" and metaverse will continue their good fortune of boosted profits.
For now, it is undeniable that a lot of investors are trading big amounts on "Axie Infinity." This means the game might grow even better in the coming months.
