Record Sale Of $1.5 Million Done For Virtual Land

Crypto Hedge Funds Defraud Investors of $100 Million
Crypto Hedge Funds Defraud Investors of $100 Million

Sometimes, the crypto space can surprise people in a very unique way. This surprise would be clear to most people when digital plots of land, which is represented by none-fungible tokens, or NFTs, managed to have one plot be sold for a jaw-dropping $1.5 million.

This occurred within the Axie Infinity crypto-Tamagotchi virtual ecosystem, where various NFTs are offered for Axies, which themselves are fantasy creatures that inhabit “Lunacia.” Lunacia, in turn, stands as a virtual realm controlled by the player base.

Digital Land Sold For More Than Much Of Real Land Is Worth

It was on the 8th of February, 2021, when the fateful event happened. One member of this Axie Infinity community thought it well and good to make a purchase of nine digital land plots within the Lunacia world, doing this for a total of 888.25 Ether. Crunching the numbers, this is worth more than $1.5 million. It should be noted that only 19% of the entirety of the Lunacia land is owned by the players, boasting 90,601 plots of land in total.

This spectacular payment could be used to purchase a veritable array of real estate holdings within the real world should anyone else use that same amount on real estate. Someone could use this money to buy an estate in Santa Barbara, a luxury ocean-view condo in Singapore, or even a 26-acre (10.5 hectares) development within Louisiana.

Praising The Supposed Future Of Crypto Property

The purchaser in question, going by the name of “Flying Falcon,” took to Twitter to justify his incredible purchase of these nine genesis plots.

In this statement, he declared this moment to be a historic one, as digital nations will now start to rise with their own sets of irrevocable, delineated property rights. He cited that the value of Axie land comes from its social and entertainment values, citing that it will have economic value in the future when resource flows start to occur.

Axie Enjoying Massive Growth

This (seemingly rich) digital landowner cited the impressive growth Axie had experienced during the year 2020. He showed that NFT holders had increased by 743%, with the market volumes going up by a whopping 608%. The active monthly users saw the biggest increase, however, spiking up by 3000%.

With this sale, the one-week anniversary of Axie’s Ronin Mainnet launch has been marked. The sidechain of the platform was built in order to help players experience eased pressure regarding the gas fees and Ethereum network congestion.

Remember, all trading carries risk. Past performance is no guarantee of future results.

A journalist, with experience in web journalism and marketing. Ali holds a master's degree in finance and enjoys writing about cryptocurrencies and fintech. Ali’s work has been published on a number of cryptocurrency publications.