Rare Axie Infinity Land Changes Hands for USD 2.3M as Metaverse Prices Soar
Another multi-million dollar piece of digital land has changed hands as metaverse virtual real estate prices continue to skyrocket. The latest chunk of virtual property cost its new owners a staggering USD 2.3m worth of ethereum (ETH).
The official Axie Infinity site tweeted:
“A Genesis land plot just sold for ETH 550! That's over USD 2.3 million! Our player-owned digital nation continues to shock the world. We believe this is the largest sum ever paid for a single plot of digital land. Congrats to the buyer and seller!”
Genesis plots are particularly rare in the game: only 220 currently exist, a factor that has driven up their value as the title’s popularity continues to balloon.
Earlier this week, a plot of digital land on the metaverse game Decentraland sold for some USD 2.8m – where it was snapped up by Tokens.com. The latter bought the virtual real estate in Fashion Street, a part of the map that has been earmarked as a new fashion and e-commerce hub.
Yahoo Finance, which calculated the fiat equivalent price at USD 2.43m, remarked that the price was “more than most homes in New York City and San Francisco cost.”
On Reddit, one poster lamented:
“I can’t afford land in the real world or online.”
Axie Infinity surpassed the USD 2.5bn in trading volumes mark in the third quarter of the current financial year, while big businesses such as Southeby’s and Coca Cola have flocked to Decentraland. The Adidas brand Adidas Originals, meanwhile, has also bought virtual real estate on The Sandbox.
Some believe the party is just getting started, such as the bitcoin (BTC) trust operator Grayscale, who released a report on the metaverse this week. The space, Grayscale opined, is only “in its early innings.”
The firm wrote:
“The market opportunity for bringing the Metaverse to life may be worth over USD 1 trillion in annual revenue and may compete with Web 2.0 companies worth around USD 15 trillion in market value today.”
Greyscale added that the metaverse had the potential to change the world’s “business models, culture and politics, and claimed that Meta (the company formerly known as Facebook) and its own metaverse plans had acted “as a catalyst” for the fast-growing sector.
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