The Metaverse is still an infant compared to other technologies. However, real estate sales in the virtual world are reaching exorbitant marks lately. For instance, a plot of digital land sold last week for over $2 million in a Metaverse, making it obvious to the masses, that the investors are pouring large sums of money on the new technology.
Axie Infinity — a play-to-earn blockchain-based game Tweeted that a plot of land had sold for 550 ether or about $2.3 million at the current price of ETH. The virtual land called Genisis is a part of the Lunacia world — the Metaverse of Axie Infinity.
The NFT game enables players to create digital pet “Axolotls” that they use within the game. Players are also able to buy, sell and flip land among other digital assets and win and sell Axie-related NFTs (Non-fungible-tokens). Axie Infinity’s native token is AXS — one of the most traded cryptocurrencies in the Metaverse-related cryptos list.
“We believe this is the largest sum ever paid for a single plot of digital land,” Axie tweeted.
Before the $2.4 million deal, Axie’s largest sale was around 888.25 Ethers for nine plots of land. At that time, back in February 2021, the sale was estimated to be around $1.5 million.
Axie Infinity was created by Sky Mavis, a Vietnam-based company and currently sits on the throne of the largest NFT projects globally.
What are NFTs?
NFTs are decentralized digital tokens based on the blockchain. The interest in NFTs boomed last year after popular figures and sportsmen started endorsing the technology. However, one of the largest contributors to the rise of interest in NFTs was Facebook’s transition into the Metaverse.
Mark Zuckerberg the CEO of Meta — formerly Facebook — has announced last month that his company will create a virtual world. The move of the social media giant is considered one of the largest transitions in history.
Meanwhile, on Decentraland’s Metaverse — a fierce competitor of Axie Infinity — a property was sold for $2.43 million. The two sales are the highest to date and they are considered higher than real-life homes in some of the United States’ most expensive cities.
Following the escalating interest in the virtual worlds space, Metaverse-related cryptocurrencies surged exponentially in price. For instance, Decentraland’s crypto MANA rose by 38%, while Sandbox’s SAND surged by 74% and Gala Games’ GALA has risen by 150%, according to data from CoinMarketCap.