NFT frenzy continues as an Axie Infinity land plot sells for $2.48 million
The Genesis plot, an extremely rare piece of land in the popular play-to-earn game Axie Infinity, has sold for a record-breaking 550 Ethereum (ETH). The project unveiled this news through a tweet yesterday, noting that this sale is the largest for a single plot of digital land. With ETH trading between $4,249.77 and $4,550.52 yesterday, the digital plot reportedly fetched $2.48 million.
The sale of the Genesis plot for 550 ETH shows that land, which is represented by NFTs, is quickly becoming a valuable commodity in the Pokémon-inspired game. There are only 200 pieces of genesis plots, meaning the 550 ETH transaction might be the first of many.
Despite this bullish news, the price of Axie Infinity’s native token AXS has continued bleeding. At the time of writing, the coin is changing hands at $127.87 after losing 10.21% in 24 hours. AXS is currently the 26th-largest crypto by capitalization, with a market cap of $7,722,905,768 and 60,907,500 tokens in circulation.
Axie Infinity continues achieving new milestones
Axie Infinity is considered a metaverse pioneer, seeing as it allows users to own a wide array of virtual items in the digital world. This status has seen the game gain more popularity as the metaverse continues catching on. The game’s developer, Sky Mavis, also announced a series of upgrades, including AXS staking, which allows users to lock their AXS on the Ronin sidechain and earn passively.
A week after the launch of the staking service, the level of active wallet interaction in the Axie Infinity increased by 92%. According to data from DappRadar, the game has handled an NFT transaction volume of $3.53 billion since its launch.
While this growth is notable, Axie Infinity is set to continue growing due to its connection with the metaverse. According to a recent Grayscale report dubbed Web 3.0 Virtual Cloud Economies, the market opportunity for bringing the metaverse to life may be worth over $1 trillion.