In a tweet posted by Axie Infinity late Thursday, a lucrative property within the Monster Battle Fantasy Nonfungible Tokens, or NFTs, was sold for 550 ETH ($ 2.3 million). Axies are creatures that users command to duel other players, fight enemies, and complete daily quests. They are also NFTs that can be freely grown (minted), bought, and sold.
✨A plot of land owned by Genesis has just been sold for 550 ETH!
That’s over $ 2.3 million!
Our player-owned digital nation continues to shock the world pic.twitter.com/SVvAtFNYUF
– Axie Infinity (@AxieInfinity) November 24, 2021
The game takes place in the world of Lunacia, which Axies inhabit. It’s a 301 x 301 square grid, with each section representing a tokenized plot of land called Terra, which players can also buy, sell, or rent to other players at will. The land sold yesterday is classified as Genesis, the rarest form of virtual real estate available in the Axie Infinity ecosystem.
Monsters known as chimeras appear in the game and terrorize Lunaria. By defeating chimeras, players earn Smooth Love Potions (SLPs), which can then be sold on cryptocurrency exchanges for cash. Defeated chimeras will also drop other types of resources that can be used to upgrade their axes and land, increasing the potential returns for SLPs. Genesis Land is strategically located in the center of Lunacia, where rare Chimera raid bosses spawn and drop special items. Additionally, out of 90,601 land slots, only 220 have the Genesis classification.
Critics of the game say that there is nothing physically tangible about virtual real estate and wonder why it should have any value in the first place. But for some, playing Axie Infinity is a full-time job that deserves upfront investment, especially in developing countries where the daily SLPs in the game often exceed the countries’ minimum wages.