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The growing valuation of virtual lands, which is gradually becoming more expensive than actual homes even in some of the most luxurious locations, is setting the pace for a potential dominant metaverse-driven future.
Genesis Land Plot, one of the rarest metaverse related lands in the Axie Infinity Play-to-Earn game was recently sold for 550 ETH (approximately $2.3 million), reiterating the massive interest amongst investors to own a part of the highly anticipated metaverse future. As detailed by Axie Infinity, the sale of the Genesis Land-Plot which was one of the 220 out of 90,601 land slots, is the most expensive amount paid for a digital land sale.
✨A Genesis Land Plot just sold for 550 ETH!
That's over 2.3 M USD!
Our player-owned Digital nation continues to shock the world 🙌🔥 pic.twitter.com/SVvAtFNYUF
— Axie Infinity | #AxieOrigins, #AxieHomeland (@AxieInfinity) November 24, 2021
Axie Infinity is one of the most played P2E games in operation today and was developed by Sky Mavis, a Vietnam-Based blockchain startup. Axie Infinity allows players to collect, breed, raise, battle, and trade token-based creatures known as Axies. These Axies come in various forms and the entire game set-up takes place in the virtual world of Lunacia. Lunacia is a 301 x 301 square grid where each section represents a tokenized plot of land called Terra, which players can also buy, sell or rent out to other players at will.
The entirety of activities on Axie Infinity including breeding of Axies, winning battles and more comes with handsome rewards, in the form of Smooth Love Potion (SLP), a development that has largely fueled the popularity of the game since it became popular earlier in the year. The Axie Infinity world is powered by the AXS native token, and this token has also embodied the value that players and investors have placed in the game as a whole.
The coin has grown by 102345.63% from its All-Time Low price of $0.1234 to its current price of $127.47. These massive valuations of assets linked to Axie Infinity have showcased the length or extent to which gamers are positioning for the ongoing revolution and switch into blockchain-backed P2E gaming.
Genesis Land Plot Sale: Setting the Pace for the Metaverse Dominant Future
The bogus valuation of virtual lands, which is gradually becoming more valuable than actual homes even in some of the most luxurious locations on earth, is setting the pace for a potential dominant metaverse-driven future.
Grayscale analysts recently detailed the potential opportunities the drive into the metaverse is going to afford early adopters in a report dubbed, “Web 3.0 Virtual Cloud Economies.”
“The Web 2.0 mobile internet changed how, where, when, and why we used the internet,” Grayscale writes. “In turn, this changed the products, services, and companies we used, which changed our business models, culture, and politics – the Web 3.0 Metaverse has the potential to do the same.”
Facebook’s parent company, Meta Platforms Inc (NASDAQ: FB) is fully invested in developing the metaverse, as the pursuit forms the core essence of why it changed its name. As the metaverse is billed to revolutionize social interactions, gaming, and more, blockchain and Non-Fungible Tokens (NFTs) are billed to play a prominent role in the drive, thus forming the value investors are attaching to platforms invested in the space like Axie Infinity.