A plot of land in the crypto game Axie Infinity sold for $2.48 million. Why is it so expensive?
If 2021 was the year of NFT, the next hot trend in the crypto industry could be blockchain games and meta-universes. This is evidenced by the rapid growth of related projects in recent months. One of them is Axie Infinity, a game that runs on a play-to-earn model. In it, players can earn real money from the gameplay by buying, collecting and cross-breeding virtual creatures called Axies. The day before, a “rare” in-game land was sold for 550 ETH or $2.48 million at current exchange rates. We tell you more about what’s happening.
As a reminder, a key feature of such games is the use of NFT tokens. In other words, the characters in the game actually belong to you, and you can’t take them away or do anything like that. This is essentially a new asset category made possible by the features of blockchain.
According to experts, the prospects for the niche are not limited to the scale of today. In particular, the head of the Coinbase exchange has already noted that the NFT token industry may well grow to the scale of the entire cryptocurrency market that they are now. You can read more about the entrepreneur’s viewpoint here.
The most popular blockchain games
We’re talking about selling a virtual plot from the Genesis series. There are only 220 such properties in the game, so it’s no surprise that their price has jumped so sharply recently. The plot itself has been sold as an NFT – you can see its layout in the screenshot below.
This is what the plot of virtual land sold looks like
As a reminder, in Axie Infinity, one of the key parts of the process is earning Smooth Love Potion (SLP) tokens. Players earn tokens for using virtual objects, fighting between their Axies, trading NFTs and more, Decrypt reports.
We checked the SLP chart - it's not looking good. Specifically, the cryptocurrency is down 2.8 per cent in the last month, and is down 16 per cent in the last two weeks. At the same time, the year-to-date growth is 125 percent, which is a rather conservative result considering what's happening in the market in 2021.
Smooth Love Potion (SLP) token price performance
In the third quarter of 2021, NFT collections from Axie Infinity were the best-selling in the cryptosphere, with more than $2.5 billion worth of transactions in total during this period. The price of the Axie Infinity token has also seen rapid growth, rising from $4.20 to nearly $160 between June and October.
Axie Infinity statistics
According to the DappRadar platform, the cheapest digital object from the game’s universe is now valued at $72.59. Meanwhile, the average transaction price with NFT reaches the $290.26 mark. The game has over 115,000 active players in the last 24 hours, with almost half a million transactions with their tokens in 24 hours alone.
Axie infinity price growth
That said, Axie is now ranked 25th in the cryptocurrency rankings in terms of market capitalization, which is the product of coins in circulation by the exchange rate. The token itself has grown by 34,822 per cent in the last year – which is every investor’s dream.
Axie Infinity AXS token price performance
It’s not just Axie Infinity that has seen success in the blockchain space. Axie Infinity ranks second in DappRadar’s top average over the past 30 days, with Alien Worlds taking the top spot. Also in the top five are Splinterlands, CryptoMines and Upland.
Top 5 most popular blockchain games
All of them are pioneering the concept of blockchain games and meta universes, so even bigger projects are likely to emerge in the industry in the future. That said, their development will also keep the bar high around unique tokens, as they are one of the main components of this niche.
We believe that this situation can be attributed to another important achievement of the NFT token industry. It is not only attracting huge money, but also rabid interest from investors. And since games are popular in the world on their own, experts are predicting a significant influx of investors into the coin niche, who will first connect with blockchain and its derivatives just through such applications.
SUBSCRIBE TO OUR CHANNEL ON TELEGRAM. THERE’S MORE INTERESTING NEWS HERE.
Related posts
