The increasing valuation of virtual lands, which are gradually becoming more expensive than actual homes, even in some of the most luxurious places, is setting the tone for a potential future dominated by the metaverse.
Genesis Land Plot, one of the rarer metaverse-related land in Axie Infinity Play-to-Earn, was recently sold for 550 ETH (around $ 2.3 million), reiterating massive investor interest in owning part of the highly anticipated future metaverse. As detailed by Axie Infinity, the sale of the Genesis Land-Plot which was one of 220 out of 90,601 land slots, is the most expensive amount paid for a digital land sale.
✨A Genesis land 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🦇🔊 (@AxieInfinity) November 24, 2021
Axie Infinity is one of the most played P2E games today and was developed by Sky Mavis, a blockchain startup based in Vietnam. Axie Infinity allows players to collect, breed, breed, fight, and trade token-based creatures called Axies. These Axies come in various forms and the entire game setup takes place in the virtual world of Lunacia. Lunacia is a 301 x 301 square grid where each section represents a token land called Terra, which players can also buy, sell, or rent to other players at will.
Everything on Axie Infinity, including breeding Axies, winning battles and more, comes with some nice rewards, in the form of the 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 native AXS token, and this token also embodied the value that players and investors have placed in the game as a whole.
The coin rose 102,345.63%, from its low price of $ 0.1234 to its current price of $ 127.47. These massive valuations of Axie Infinity-related assets have shown how long or far players are positioning themselves for the ongoing revolution and transitioning to blockchain-backed P2E games.
Genesis plot sale: setting the pace for the metaverse’s dominating future
The false valuation of virtual lands, which is gradually becoming more valuable than actual homes, even in some of the most luxurious places on the planet, sets the tone for a potential future dominated by the metaverse.
Grayscale analysts recently detailed the potential opportunities that the switch to the metaverse will offer early adopters in a report titled “Web 3.0 Virtual Cloud Economies.”
“The Web 2.0 mobile internet has changed how, where, when and why we used the internet,” Grayscale writes. “In turn, it 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 the development of the Metaverse, as the lawsuit is the essence of why it changed its name. While the metaverse is believed to revolutionize social interactions, games and more, blockchain and non-fungible tokens (NFTs) are believed to play a prominent role in the drive, shaping the value investors place on the platforms they invest. in space as Infinite Axis.
Benjamin Godfrey is a blockchain enthusiast and journalist who enjoys writing about the real-world applications of blockchain technology and innovations to foster general acceptance and global integration of emerging technology. His desire to educate people about cryptocurrencies inspires his contributions to renowned blockchain-based media and sites. Benjamin Godfrey is a lover of sport and agriculture.