The blockchain-based game, Axie Infinity, just sold a digital plot of land for $2.3 million. This new development shows how determined people are to invest in the future of NFTs and the metaverse.
What is Axie Infinity?
Axie Infinity is a game where its players can buy, breed, and battle monsters called Axis. The winners of each Axie fight wins in-game currency (small love potions) that can be exchanged for fiat cash.
Via @axieinfinity IG
Axie Infinity was created by Sky Mavis, a Vietnam-based company. It remains one of the biggest non-fungible token (NFT) platforms in the world.
How do you play?
This game is play-to-earn, meaning participants receive crypto rewards for every win. To start a battle, each player must own at least three Axies. However, this is no easy feat. The cheapest Axies sell for around $200. The most expensive monster was sold in 2020 for $130,000.
Why is it a big deal?
Each Axie qualifies as an NFT in itself. These are classified as digital collectibles that can be bought or sold across exchanges outside of the Axie Infinity game.
Via @axieinfinity IG
Users can also buy and sell land in the game. The Axie dev team said in a Tweet on Wednesday that this recent $2.3 million sale was the highest-ever price tag for one of its Genesis Land plots. Prior to this latest transaction, the project’s biggest sale took place in February. In total, nine plots of land sold for more than $1.5 million in-game.
However, Axie isn’t the only metaverse making waves. Another plot sold for $2.43 million on the Decentraland metaverse this week. Both transactions, being as hefty as they are, ensure we will be seeing even bigger investments into intangible goods and property.
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