Home News Axie Infinity virtual land slot sells out for a record 550 ETH

Axie Infinity virtual land slot sells out for a record 550 ETH

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User Lunacian #789512 paid 550 ETH (about $2.46 million at the exchange rate at the time of writing) for a piece of virtual land in the non-fungible token (NFT) game Axie Infinity.

Thus, representatives of the project stressed that this is the largest such acquisition in the history of the sector. User ArcaChemist acted as the seller.

The slot is a type of land called Genesis, which Axie Infinity classifies as “extremely rare”. It is located in the center of the game map.

Play-to-earn concept

Furthermore, there are various types of lands in Axie Infinity, including Mystic and Arctic. The latter are collectively called Lunacia. Moreover, this territory is the birthplace of axie creatures, each of which is an NFT token.

Moreover, Axie Infinity users can earn Smooth Love Potion (SLP) tokens. The project occupies a leading position in the market capitalization rating from CoinGecko (Gaming, Metaverse and Play-to-Earn categories).

Merchants in the Philippines have started accepting SLP for payment. In response, the country’s authorities proposed to tax transactions with Axie Infinity tokens. The play-to-earn concept attracted an audience from countries with relatively low wages, including the Philippines. According to Statista, the average monthly salary is at the level of 44,600 Philippine pesos (~$894). The maximum earnings of an Axie Infinity player are 200 SLP per day or 6000 SP per month (~$850).

The developers raised $152M

Recall that previously in October, Sky Mavis project, which created Axie Infinity, raised $152 million, following the results of the Series B funding round. The funds came from Andreessen Horowitz (a16z) and other well-known investors.

According to The Information, Accel and Paradigm also participated in the round. Consequently, the startup’s valuation has reached $3 billion.

Sky Mavis promised to direct funds to expand the team and scale the infrastructure. Also, to create the Mavis Hub platform to support developers of blockchain games based on the Ronin sidechain for Ethereum.

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