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A lucrative land plot within the Axie Infinity game sold for 550 ETH ($2.3 million)

According to Axie Infinity, a lucrative land on the game was sold for 550 ETH ($2.3 million).

Axie Infinity virtual land slot sells out for 550 ETH

The property sold yesterday is classified as Genesis, the rarest form of virtual property available in the Axie Infinity ecosystem. According to the game’s developers, it’s the largest sum ever paid for virtual real estate.

In February, the amount surpassed the $1.5 million deal for nine digital lands in this play-to-earn game. The previous transaction became the largest NFT sale at the time.

This week, Tokens.com subsidiary The Metaverse Group also purchased a batch of digital real estate in another blockchain-based platform, Decentraland, for 618,000 MANA (approximately $2.4 million). The company says this is higher than most real-life homes in major US cities and is the most expensive for a piece of virtual real estate in their platform. The two transactions mentioned above are the latest part of a wave of growing interest in digital real estate in the metaverse economy.

A report from popular crypto asset manager Grayscale says the metaverse is estimated to have a revenue opportunity of up to $1 trillion across the advertising, social commerce, and digital events sectors, although no specific time is specified. The report also mentions that crypto fundraising has reached $8.2 billion in Q3 2021, with blockchain-based game startups receiving a total of $1 billion in funding in the same period.

Game critics say nothing is as tangible as virtual real estate and wonder why they have any value. But for some, playing Axie Infinity is a full-time job worth the upfront investment, especially in developing countries where earning SLP per day in the game can often surpass the minimum wages of those countries.

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