Axie Infinity has broken yet another sales record as the metaverse continues to buzz with activity, and virtual land becomes a sought-after commodity. In the past 24 hours, the most expensive single piece of virtual land ever sold for a whopping $2.3 million.
The Axie Infinity land parcel switched owners late last night for 550 WETH. While collectors have spent such amounts on land purchases before, this is the most expensive transaction for a single land plot NFT to date. Earlier this week, DappRader covered the sale of a $2.4 million purchase in Decentraland, but this estate consisted of 116 land parcels.
Virtual worlds like The Sandbox and Decentraland have seen land prices skyrocket ever since Facebook’s notorious rebranding to Meta. However, it turns out that Axie Infinity is steadily following suit, and even breaking industry records.
Axie Infinity land
Impressively, Axie Infinity land plots are not yet integrated into any form of gameplay. Despite this being a purely speculative purchase at the moment, gamers are actively trading land as prices continue to rise.
In a recent AMA with DappRadar, the Axie Infinity team explained that land parcels would have a lot of utility in the game. According to their plan, land parcels will allow gamers to farm resources like SLP and increase their breeding power. Still, for the moment, land plots don’t have tangible utility in the game.
Despite that, demand for Axie land is on the rise. According to DappRader data in the past 24 hours, the Axie Infinity NFT collection (including both Axies, land items, and land plots) has attracted upwards of 85.128 sales, generating more than $27 million in trading volume.
This is a tremendous success for the play-to-earn game. However, the recent record-breaking land sale is something that will definitely enter NFT history books.
The metaverse heats up
Facebook’s recent rebranding efforts have started a wave of mainstream interest towards virtual worlds and the metaverse. Other big companies, which are not even part of the tech world, are entering the virtual space. For example, just yesterday, clothing and sports brand Adidas announced a partnership with The Sandbox.
Virtual worlds like Decentraland, Somnium Space, and The Sandbox have seen unprecedented amounts of both traffic and trading activity in the past several weeks. Most importantly, land plots in these virtual spaces are skyrocketing in price. For example, during Somnium Space’s last land sale, 70 land plots sold for upwards of $1.5 million. The Sandbox is also seeing prices shoot up, with the cheapest parcels now selling for 3000 SAND, or about $22,020 at the time of writing.
The metaverse seems to be the next big hit and possibly the thing that will finally tip the scales and bring the blockchain space into the mainstream.