Digital Land Space In Metaverse Projects Is Selling For USD Millions
Metaverse is starting to grow, and many of the early adopters who invested in it are already making impressive profits. Digital land plots in virtual worlds are now selling for millions of dollars on different platforms, including Decentraland and Axie Infinity.
Digital Land Value in Metaverse
The rise of the metaverse concept and all the companies that are taking it seriously is starting to affect the sales and prices of metaverse-related key elements, like tokens and digital land. To put things into perspective, some prices are higher than many physical properties, even in expensive cities.
The first sale of this kind was reported in February by Axie Infinity, a virtual world game, where 8 plots of land were sold for 888 ETH, or $1.5 million dollars.
At the time of the sale, Axie Infinity’s team reported this to be the biggest sale ever of one of their genesis land plots. The buyer stated:
“We’re witnessing a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights. Axie land has entertainment value, social value, and economic value in the form of future resource flows.”
$2.3M (550 ETH) Axie Infinity Land Plot
Most recent remarkable Axie Infinity land plot sale was one of the Genesis plots on Axie Infinity, which are considered to be extremely rare as there are just 220 of them in existence.
Going by today’s ETH prices, that single piece of land would be worth $2.3 million, as ETH is trading around $4,100 at the time of writing.
Launched in 2018, Axie Infinity has gained dominance over time and has become the most popular play-to-earn NFT game in the crypto industry.
Grayscale Estimates Metaverse at $1 Trillion
In recent months, the metaverse, an umbrella term given to a persistent digital environment where users are free to create their avatars and interact with each other from across the globe, has witnessed explosive growth.
Although the gaming industry often comes to mind whenever the metaverse is mentioned, it extends far beyond that to include advertising, hardware, digital events, and more.
Following the massive surge in interest in this rapidly growing industry, the world’s largest digital assets manager, Grayscale, recently noted that the metaverse space will be valued at over $1 trillion in the next couple of years.
