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- A piece of land in a virtual blockchain based game has been reportedly sold for 550ETH roughly $2.48 million
- Grayscale valued the metaverse ambit at $1Trillion
- Grayscale held Facebook’s name change into Meta as a catalyst.
The highly alluring virtual world has gone blizzard in terms of valuations and expectations when Axie infinity’s virtual land has been reportedly sold for 550 ETH (approx $2.48 Mn). Axie infinity is a game that operates on play to earn mechanism.
Reportedly the genesis plot in the game which is considered to be extremely rare has been sold for the prestige amount, only 220 of such plots were created in the game. In the world of Axie Infinity, players collect small Axie’s that share a similar resemblance to Pokemon- like characters. Players also wage battles against other Axies & players to earn the SLP token. SLP stands for “Smooth Love Portion”.
While aside from the SLP token, the in-game items & Axies are served as NFTs, a unique token of exclusivity to authenticate one’s ownership & kinship of the virtual content. Axie infinity’s official twitter account broke the news where it picked up traction & garnered attention.
The Co founder of the game, Aleksander Leornard Larsen pointed out that the Axie Infinity facilitated about 2 million active users everyday of which 50% of them had never used cryptocurrencies in their life.
The game has also grabbed spotlights after being the most traded NFT collection in the 3rd cycle of 2021. The collection reportedly reached over $2.5 billion in trading volume. The clout & fame of the game comes as a consequence of its play to earn mechanisms when gamers in third world countries like the Philippines started to earn their livelihood by playing games.
The Grayscale Valuations
Games based on blockchains like Axie Infinity are also perceived as leaders & trendsetters for the universe of metaverse. Be it the play to earn transactions or distributing virtual avatars or plots of land as NFTs, all of such is perceived to be the building blocks of the metaverse there by giving an existential experience of such tokens of exclusivity to its users.
According to a report from Grayscale, analysts highlighted & put into the frameworks, the extent potential of the metaverse in what they call as “web 3.0 Virtual cloud economy”. Furthermore, the company jumped into the quantitative game by valuing the metaverse ambit at $1 Trillion, pointing out Facebook’s name change as a huge catalyst to the valuations.
As the world of cryptos get more accepted & regarded, play to earn tokens could see new users thereby being more famous in regards to blockchain based games which could further dive into the world of metaverse & many more sales of multi millions worth of tokens of exclusivity.
Andrew is a blockchain developer who developed his interest in cryptocurrencies while pursuing his post-graduation major in blockchain development. He is a keen observer of details and shares his passion for writing, along with coding. His backend knowledge about blockchain helps him give a unique perspective to his writing skills, and a reliable craft at explaining the concepts such as blockchain programming, languages and token minting. He also frequently shares technical details and performance indicators of ICOs and IDOs.
