The NFT market and metaverse have once again been thrown into a state of euphoria as a single plot of digital land on the most popular NFT game in the crypto space, Axie Infinity, sold for 550 ETH.
The plot of land in question is one of the Genesis plots on Axie Infinity, which are considered to be extremely rare as there are just 220 of them in existence.
Going by today’s ETH prices, that single piece of land would be worth a whopping $2.3 million, considering that ETH is trading around $4,100 at the time of writing.
Launched in 2018, Axie Infinity has gained dominance over time and has become the most popular play-to-earn NFT game in the crypto industry.
The play-to-earn business model allows gamers to earn income while playing their favorite games and also contribute to the growth and development of the gaming ecosystem.
Axie Infinity currently boasts over 2 million daily active users, and daily trading volumes have even reached peaks of $40 million. The game is so popular in the Philippines that some households quit their day jobs to focus on playing full-time.
Featuring small furry creatures that look like Pokemon, called Axies, the game allows players to collect, breed, and battle their Axies with other players to earn Axie Infinity’s native ERC-20 utility token, Smooth Love Potion (SLP).
Other in-game assets such as Axies and parcels of land are represented as NFTs, which can be sold in public NFT marketplaces.
In recent months, the metaverse, an umbrella term given to a persistent digital environment where users are free to create their avatars and interact with each other from across the globe, has witnessed explosive growth.
Although the gaming industry often comes to mind whenever the metaverse is mentioned, it extends far beyond that to include advertising, hardware, digital events, and more.
Following the massive surge in interest in this rapidly growing industry, the world’s largest digital assets manager, Grayscale, recently noted that the metaverse space will be valued at over $1 trillion in the next couple of years.
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