Someone Paid $2.5 Million Worth of ETH to Buy Virtual Land in Axie Infinity

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Someone Paid $2.5 Million Worth of ETH to Buy Virtual Land in Axie Infinity

Key highlights:

  • Some investors are very bullish on virtual real estate
  • A plot of virtual land in the Axie Infinity game sold for a record-breaking $2.5 million
  • Meanwhile, a company recently bought $2.4 million worth of virtual land in Decentraland

Blockchain technology and crypto assets have brought about a new genre of gaming called Play-to-Earn (P2E), where users can earn valuable tokens by playing video games. The most successful example of the P2E model so far is Axie Infinity, a game where players collect creatures called Axies and assemble them into teams to battle other players. In-game assets like Axies and land are represented by non-fungible tokens (NFTs), and there is enough demand for them that playing Axie Infinity is a viable full-time job in some countries. 

Axie Infinity has been making headlines this year thanks to the rapid growth of the game’s playerbase, as well as the extremely strong performance of the AXS token in the cryptocurrency market. As of October, the game had a player count of 2.2 million, and the AXS token currently commands a market capitalization of $7.58 billion. 

Plot of Axie Infinity land sells for record $2.5 million

Now, Axie Infinity is in the spotlight again thanks to a $2.5 million sale of a virtual plot of land in Lunacia, the virtual world where Axie Infinity is set. A buyer with the tongue-in-cheek nickname "wen land" paid a whopping 550 ETH to buy a Genesis Plot, which is one of only 220 such plots in the game. 

Per the official Axie Infinity Twitter account, the 550 ETH sale was the largest sale ever for a single plot of digital land.  

In Axie Infinity, plots of land are represented by NFTs. There are a total of 90,601 plots of land in Lunacia, with some land types being rarer than others. For example, lands with the type "Savannah", "Forest" and "Arctic" are more common, while the "Mystic" and "Genesis" types are harder to come by. Players can customize their land plots with upgrades, and the plots also contain resources like AXS tokens.

With the "metaverse" concept gaining increasing traction thanks to Meta (formerly known as Facebook), some investors are becoming very bullish on virtual real estate. This phenomenon spans beyond Axie Infinity – a few days ago, Canadian investment firm Tokens.com spent $2.4 million to purchase virtual land in Decentraland, another platform that uses blockchain technology to represent ownership of assets in a virtual world. 

Peter has been covering the cryptocurrency and blockchain space since 2017, when he first discovered Bitcoin and Ethereum. Peter's main crypto interests are censorship-resistance, privacy and zero-knowledge tech, although he covers a broad range of crypto-related topics. He is also interested in NFTs as a unique digital medium, especially in the context of generative art.

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