After making history with its play-to-earn NFT model, Axie Infinity is heating up the NFT space with its Virtual Land in the metaverse. Kieran Warwick, the co-founder of emerging NFT auto-battler game Illuvium, just flipped his virtual land plot for a 9200% gain.
Axie Infinity Virtual Land
In a recent Twitter post, Warwick revealed that he bought the pixelated real estate for $300 and sold it last week for $28,000. This means that his gains are 9200% in just 12 months.
Warwick commented on why he decided to give Axie Infinity virtual land sale a go. He said, “Basically, it was speculation. I just thought that play-to-earn, which is this new paradigm of gaming taking off now, is going to bring so many players to this game [Axie Infinity]. No matter what, if I buy a rare plot of land, it’s going to be worth some money.”
The Aussie game creator is convinced that owning a piece of land in the metaverse follows the same principles as physical real estate. Thus, he plans to own more land in various other blockchain-built worlds as long as there’s long-term potential.
He added, “It’s the exact same principle in the metaverse. If you feel like there’s going to be popularity and there’s going to be other people building next to you … then it’s a no-brainer to buy these land plots. In almost every single case, they’re very rare.”
More about Kieran Warwick
Kieran Warwick is the brother of Kain Warwick, founder of Australian DeFi success story Synthetix. Kain’s company built a software that allows users to mint new crypto assets that mimic both real-world assets (like the US dollar) and crypto-assets (like Bitcoin). Because of its innovation, the total value locked in Synthetix is over $942 Million.
Meanwhile, Kieran’s gaming company Illuvium is an open-world RPG adventure game built on the Ethereum Blockchain. It is still new in the space with a very promising future given that its co-founder was able to spot an opportunity in another game easily.
NFT Virtual Land
Suffice to say, digital real estate has become a legitimate asset class. Like physical real estate, it can appreciate exponentially in terms of value, making it worthy of investor consideration. For example, a patch of land in the blockchain-based online world Decentraland sold for more than $900,000 last month. The buyer was an investment vehicle called Republic Realm, a digital real estate investment fund backed by Binance and Procus.
One thing’s for sure, as metaverse adoption grows, so will the demand for virtual lands. As a general rule, early adopters stand to benefit from this emerging NFT trend.
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