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A single plot of digital land on the blockchain-based NFT game, Axie Infinity, just sold for 550 ETH, worth more than $2.3 million.
Announcing the purchase on their Twitter page, Axie Infinity noted that this is currently the most expensive amount paid for a single plot of digital land on its platform.
While some spectators may find it absurd that someone would be willing to pay such a large sum of money to purchase a digital land when they can very well get one in a prime location in the real world, NFT enthusiasts are not surprised.
The explosive growth of the non-fungible tokens (NFTs) market in recent months has attracted the attention of avid art creators and collectors from both within and outside the cryptocurrency industry.
Almost everything is now being tokenized and turned to NFTs, even the most ridiculous things. From sports playing cards, artworks, music, and sports tickets, to tweets, cats, frogs, and even stones.
The Rise of Axie Infinity
Axie Infinity has grown to become one of the biggest play-to-earn NFT games in the industry. The Pokemon-inspired metaverse allows players to collect, raise, breed, and battle in a land-based universe.
Launched in 2018, Axie Infinity has made name for itself, attracting millions of users from different parts of the world.
The NFT game currently has over 2 million daily users, with daily trading volumes even reaching up to peaks of $40 million, according to data from CryptoSlam.
Just last month, Axie Infinity’s developer, Sky Mavis, raised $152 million in a Series B funding round led by Andreessen Horowitz. It noted that the funding would go toward expanding Axie Infinity’s reach, upgrading the gaming platform, and launching its Ronin-based decentralized exchange.
Interest in NFTs Continues to Surge
With the rapidly growing rate of the NFTs market, several crypto and non-crypto firms are leveraging the emerging market to encourage user engagement.
Recently, leading cryptocurrency exchange, Coinbase, announced that it would be launching an NFT marketplace amid surging interest.