It is the greatest sum ever paid for virtual real estate, according to the game’s creators.
A valuable land plot within the monster-battle fantasy nonfungible tokens, or NFTs, was sold for 550 ETH ($2.3 million) late Thursday, according to a tweet by Axie Infinity.
Users command axes to duel other players, defeat foes and accomplish daily objectives. They are also NFTs that may be freely bred (minted), purchased, and traded.
✨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 is set in the Lunacia planet, which is populated by Axies. It’s a 301 × 301 square grid with each piece representing a tokenized parcel of land called Terra that players may purchase, sell, or rent out to other players at their leisure. Genesis is the rarest type of virtual real estate in the Axie Infinity ecosystem, and the land that was auctioned yesterday is categorized as Genesis.
Chimeras are monsters that spawn in the game and threaten Lunaria. Players receive Smooth Love Potions (SLPs) by fighting Chimeras, which can subsequently be sold for cash on cryptocurrency markets.
Chimeras that are defeated drop a variety of materials that may be utilized to enhance their Axies and land, allowing SLPs to make more money. Genesis Land is strategically positioned in Lunacia’s heart, where rare Chimera raid monsters spawn and drop unique treasures. In addition, only 220 of the 90,601 land spaces are classified as Genesis.
Virtual real estate has no physical worth, according to critics of the game, so why would it have any value at all. However, for some, playing Axie Infinity is a full-time profession that requires upfront expenditures, particularly in poor countries, where earning SLPs a day in the game can sometimes exceed the country’s minimum wage.