The metaverse has been at the center of attention in the cryptocurrency space over the past few weeks. The adoption in the space could soar higher over the coming months and years, with the industry just starting to gain attention.
Axie Infinity (AXS) is another leading metaverse-focused project and has attracted the attention of investors since the start of the year.
First Decentraland, Now Axie Infinity
Axie Infinity, one of the leading nonfungible token-focused cryptocurrency projects in the world, announced yesterday that a lucrative land plot within the monster-battle fantasy NFT game was sold for 550 ETH ($2.3 million).
The Axie Infinity team announced this latest development via a tweet, stating that it is the largest amount ever paid for virtual real estate.
✨A Genesis Land Plot just sold for 550 ETH!
That’s over 2.3 M USD!
Our player-owned Digital nation continues to shock the world 🙌🔥 pic.twitter.com/SVvAtFNYUF
— Axie Infinity🦇🔊 (@AxieInfinity) November 24, 2021
Although the team claims that the $2.3 million paid for a land on its game is the largest in the virtual world, the claim might not be accurate. Earlier this week, Canadian company Tokens.com paid $2.5 million for a virtual land on the Decentraland platform, leading MANA to reach a new all-time high close to $6.
According to the Axie Infinity team, the game takes place in the virtual world of Lunacia, which is inhabited by the Axies. Players can buy, sell or rent out tokenized plots of land called Terra to other each other.
However, Axie Infinity has also performed excellently over the past few months. AXS is currently trading at $125 per coin, down by more than 10% over the past 24 hours. Its MACD line is below the neutral zone, indicating a bearish trend in the market. Furthermore, AXS’s RSI of 37 shows that the cryptocurrency is currently oversold.
AXS is still bearish despite the positive news from its ecosystem. The decline in AXS’s price could be attributed to the losses experienced by the broader cryptocurrency market. In the past three months, AXS’s value has gone up by more than 80%, and it could rally higher if the bulls regain control of the market.