Based on statements by the game developers, that is the largest sum that has ever been paid for virtual real estate. In a recent tweet posted by Axie Infinity, a lucrative land plot within the monster-battle fantasy nonfungible token (NFT) game sold for 550 ETH, equivalent to $2.3 million based on the current prices.
Axies are the monster creatures that the users command to duel other players, battle different enemies, and complete daily quests. They are also nonfungible tokens that can be bred, minted, bought, and even sold freely.
✨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🦇🔊 (@AxieInfinity) November 24, 2021
The game happens in the world of Lunacia that is inhabited by the Axies. It is a 301 x 301 square grid where every section represents a tokenized plot of land known as Terra. Players are allowed to buy, sell, and rent out Terra to other players at will. The land in question was sold on November 24 and is classified as Genesis.
Genesis is the rarest form of virtual real estate that is available in the Axie Infinity platform. The monsters are known as Chimeras spawn in the game and then terrorize Lunaria. Once a player defeats the Chimeras, they earn Smooth Love Potions (SLPs). SLPs can then be sold at crypto exchanges for cash.
The defeated Chimeras are also designed to drop other types of resources that can then be used to upgrade their Axies and land. Hence, this increases the players’ earnings potentials for SLPs. Genesis Land is situated strategically at the middle of Lunacia where the rare Chimeras raid bosses spawn and drop some special items. Furthermore, just 220 of the 90,601 land slots available have the Genesis classification.
Most critics of this game say that there is nothing that is physically tangible with virtual real estate, and they wonder why these virtual assets would have any value at all. However, others play Axie Infinity full-time and say that it deserves an upfront investment, mostly in developing nations. In such countries, earning SLPs daily in the game may exceed the nation’s minimum wages.