The metaverse is currently making headlines across the crypto market. Axie Infinity is one of the most popular metaverse projects in the market, and a plot of land on the platform has just sold for $2.3 million worth of ETH.
This is the largest amount that has ever been paid for a single plot of virtual land. Someone bought the piece of land for 550 Ethereum tokens.
Axie Infinity plot sells for $2.3M
The plot sold for $2.3 million on Axie Infinity is among the Genesis plots on the platform. The Genesis plots on Axie Infinity are some of the extremely rare ones, as there are only 220 of these plots on the platform.
At the current ETH prices, the 550 Ether tokens used to buy this rare piece of land are worth around $2.3 million.
As aforementioned, Axie Infinity is one of the most developed metaverse projects in the market. It was launched in 2018, and it has become a dominant project over time and one of the most popular play-to-earn NFT games in the crypto sector. It has over 2 million daily users, and its trading volumes are above $40 million.
Play-to-earn platforms allow gamers to generate passive income through their favourite gaming platforms and contribute towards the growth and development of gaming systems.
AXS is the native token for the Axie Infinity ecosystem. However, gamers on the platform earn Smooth Love Potion (SLP), a utility token for the ecosystem. SLP is an ERC-20 token. Gamers can also generate non-fungible tokens (NFTs) that can be traded on NFT marketplaces.
Metaverse is seeing major growth
As aforementioned, the metaverse is one of the hot topics in the crypto and technology sectors. The sector exploded after Facebook rebranded into Meta, beginning a bullish trend for metaverse coins.
Metaverse coins such as MANA, SAND, AXS, GALA, and more have been making a strong bullish trend despite the recession across the broader market.
A recent report from Grayscale stated that the metaverse space will see incredible growth in the coming years and that it could soon hit a $1 trillion valuation. The digital asset management firm also stated that the metaverse would compete with web 2.0 tech giants valued at $15 trillion.
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