The NFT Marketplace and the Metaverse were once again thrown into a state of euphoria as a single digital plot of land on the crypto space’s most popular NFT game, Axie Infinity, sold for 550 ETH.
$2.3M for Axie Infinity Plot
The plot of land in question is one of the Genesis plots on Axie Infinity, which are considered to be extremely rare as there are just 220 of them in existence.
Based on ETH prices today, that land alone would be worth $ 2.3 million, given that ETH is trading around $ 4,100 at the time of writing.
Launched in 2018, Axie Infinity has gained dominance over time and has become the most popular play-to-earn NFT game in the crypto industry.
The game-to-win business model allows players to earn income while playing their favorite games and also contributes to the growth and development of the gaming ecosystem.
Axie Infinity currently boasts over 2 million daily active users, and daily trading volumes have even reached peaks of $40 million. The game is so popular in the Philippines that some households quit their day jobs to focus on playing full-time.
Featuring small furry creatures that resemble Pokémon called Axies, the game allows players to collect, breed, and battle their Axies with other players to earn Axie’s native ERC-20 utility token. Infinity, Smooth Love Potion (SLP).
Other in-game assets such as Axies and parcels of land are represented as NFTs, which can be sold in public NFT marketplaces.
$ 1,000 Billion Metaverse Grayscale Values
In recent months, the metaverse, an umbrella term given to a persistent digital environment where users are free to create their avatars and interact with each other across the world, has seen explosive growth.
Although the gaming industry often comes to mind whenever the metaverse is mentioned, it extends far beyond that to include advertising, hardware, digital events, and more.
Following the surge in interest in this rapidly growing industry, Grayscale, the world’s largest digital asset manager, recently noted that the metaverse space would be valued at over $ 1 trillion in the world. over the next two years.
