Plot of digital land sold for $2.3m in Axie Infinity

Vietnam-based blockchain game Axie Infinity has announced that a plot of digital land on its platform was just sold for 550 ETH (around US$2.3 million). According to the company, it’s the largest amount of money ever paid for a single piece of digital real estate.

Digital land in Axie Infinity / Image credit: Axie Infinity

The amount surpasses the US$1.5 million deal for nine plots of digital land in the play-to-earn game, which happened in February. The transaction became the largest non-fungible token sale at the time.

This week, Tokens.com subsidiary The Metaverse Group also bought a plot of digital real estate in another blockchain-based platform, Decentraland, for 618,000 MANA (around US$2.4 million). The company said that the price, which is higher than most real life houses in the US major cities, is the most expensive deal for a piece of virtual real estate in its platform.

See also: Explaining Axie Infinity and its mercurial rise

These two transactions are part of the latest surge of interest for digital real estate in the metaverse economy.

A report from crypto asset manager Grayscale said that the metaverse is estimated to have a revenue opportunity of US$1 trillion across the advertising, social commerce, and digital events sectors, though it did not specify a timeline. The report also mentioned that crypto fundraising has reached US$8.2 billion in the third quarter of 2021, with blockchain-based gaming startups receiving a total of US$1 billion worth of funding in the same period.