Metaverse tokens seem to be shining this November. Axie Infinity just sold a single digital plot of land for 550 ETH. This is more than $2.3 million. Axie excitedly announced this purchase on Twitter, noting that it is the most expensive amount any single plot has ever sold for on its platform. The plot is a ‘Genesis Land Plot.’
While cryptocurrency spectators are surprised as to why someone could buy a digital piece of land worth that much rather than a real valuable asset, NFT enthusiasts are not surprised. The NFT market has experienced explosive growth in the past months, attracting avid art creators and collectors in and out of the cryptocurrency markets.
People are now tokenizing everything into NFTs, including ridiculous things. The category includes cats, music, tweets, sports tickets, artwork, dogs, and even stones. An NFT creator sold an ETH stone for a large sum of money.
The Rise of Axie Infinity
Axie Infinity has grown into one of the biggest play-to-earn cryptocurrency NFT games. A Pokémon-inspired game emulates the Pokémon movie Metaverse by allowing players to raise, collect, breed, and battle in a universe based on land.
With a 2018 launch, that game has made a name by attracting millions of users globally. The game has more than 2 million users logging in daily to play. It has a massive trading volume, over 40 million US dollars daily.
Last month, September 2021, in a Series B funding round led by Horowitz Andreeson, Sky Mavis, Axie Infinity’s developer, managed to raise $152 million. The funding would go toward upgrading Axie’s gaming platform, expanding its reach, and launching its Ronin-based DeX.
Responses to the $2.3 Million Digital’ Genesis Plot of Land’ Purchase
There are no clear reasons for buying the plot of land; however, the Twitter community is excited and shocked at the same time. Here are some of the direct responses,
“It’s a land grab out there! I say we make a DAO and fractionalize land ownership across the metaverse.”
“The world is indeed shocked…”
“Mind blown… more expensive than land IRL”
“I wouldn’t be surprised if digital real estate becomes more valuable than traditional real estate. It has a long way to go but I think it’s closer than we might think.”
It is clear that some accept, and some are shocked, but many say this is what the cryptocurrency community expects. Some even say that a time is coming when digital land will be more expensive than actual physical land.
NFT Is the Future
There is an increased interest in NFTs. Artists all over the world are taking an interest in the cryptocurrency field. As a result, several cryptos and non-crypto firms have begun leveraging the emerging market to encourage user engagement. Coinbase too made a recent announcement suggesting that it is launching an NFT marketplace.
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