Axie Infinity plot of virtual land sells for record $2.4 million
November 25, 2021, 8:57AM EST
1 min read
A virtual land plot in the Axie Infinity NFT game sold for a record price of 550 ether (about $2.4 million) on Wednesday.
The plot is part of the "Genesis" land type, which Axie Infinity describes as "extremely rare." Genesis land is located in the center of the Axie Infinity map and is capped at 220 plots.
The seller of the plot goes by "ArcaChemist," and the buyer goes by "Lunacian #789512."
There are different types of land in Axie Infinity, including Mystic and Arctic, and they are all collectively called Lunacia. Lunacia is the homeland for Axies — in-game fantasy creatures that are required to play the game.
Axie Infinity is a popular play-to-earn NFT game that enables users to earn tokens called small love potions (SLP) that can be exchanged for cash or other cryptocurrencies.
An Axie Infinity spokesperson told The Block that Axie land "has entertainment value, social value, and economic value in the form of future resource flows, and this is why we are seeing such sales."
In February, nine plots of land on Axie Infinity were sold for over 888 ETH (around $1.5 million at the time and nearly $4 million at current prices).
The latest record purchase comes amidst the rising popularity of virtual land in the blockchain gaming ecosystem. Earlier this week, Canadian investment firm Tokens.com purchased virtual land in Decentraland for a record price of $2.5 million in MANA, the native token of Decentraland.
For more breaking stories like this, make sure to follow The Block on Twitter.
Sygnum Bank’s Digital Asset Outlook 2022 report analyses the developments that shaped the crypto industry in 2021, and lays out Sygnum’s strategic outlook for the market and its key sectors and trends for the year ahead.
With more than $100 billion in market cap across all chains, it is likely that the DeFi market cap will grow to $200 billion by 2025. However, many users still face various technical barriers when using decentralised platforms to do on-chain farming, staking and trading, while off-chain solutions face liquidity issues, fiat restrictions and the lack of a central multichain to support crypto assets and institutional-grade custodians.
The Federal Reserve dropped a new central bank digital currency white paper on Thursday. While largely avoiding the topic of crypto, it suggests that a US CBDC could compete with "private digital money."