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$1.5M for a farm in a video game: the latest ‘madness’ of cryptocurrencies

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A piece of virtual land from the game ‘Axie Infinity’ just became the most expensive non-fungible token transaction ever and shows the rise of the sector

A $1.5M Farm with plenty of room to build whatever you want, places to collect and great views, to a video game. This week, in full craze for bitcoin and other cryptocurrencies, a new record has been set in the sector: the purchase of nine plots of a video game has become the largest transaction of the so-called non-fungible ‘tokens’ (unique collectibles) of history. Specifically, they have paid 888.25 ETH or Ethers, the Ethereum currency, which in exchange is around 1.3 million euros or $1,500,000.

At first glance, the case might seem crazy, but both the buyer and the creators of the video game see it differently. The event occurred in the video game ‘Axie Infinity’, a social game inspired by the Pokémon world and with a structure focused on the cryptographic environment and the ‘blockchain’. And it was the game’s own Twitter account that broke the news and explained the exorbitant cost: This amount of cryptocurrency could be used to buy a mansion in most countries. But we believe that Axie is quickly becoming a country with its own citizens, its own economy and national identity.

The same theory is also defended by the buyer himself, a user called Flying Falcon who has spoken with the Coindesk portal. “What we’re witnessing is a historic moment; the rise of digital nations with their own system of clearly delineated, irrevocable property rights,” he said. For all these reasons, Falcon had not chosen a few parcels at random, but rather looked for the rarest ones. “As Genesis land plots are the rarest and best-positioned plots in Axie Infinity they were a natural fit for my thesis.”

Now, this user can do whatever he wants with his space, from building, decorating or even fighting against different monsters. But its true value goes further. As a non-fungible ‘token’, this land is a unique collectable asset, that is, it has a specific value that cannot be matched and that is where the greatest interest of both game creators and players lies. Convert these spaces into your own assets that are revalued and then you can trade with them as if it were practically a real estate asset in the real world, or a foreign object.

Following this idea, which became famous with the game ‘CrypttoKitties’ in 2017, in the ‘store’ of the game you can sell from the game characters themselves to objects, lands or gifts, all unique and all traded with Ethereum. Speculation works here as well as in real life, as the purchase of Flying Falcon comes just at a time in the game’s evolution in which it plans to grow and be more attractive.

How can I enter?

If you also want to try the game and join the wave, you can enter by simply downloading it from its official website (it is a title supported by brands such as Samsung or Ubisoft) and there immerse yourself in this new world. Of course, you must be clear that to start playing you already have to invest some money in characters and later be able to improve them either with the game or by spending more and more.

The idea is that you can later recover that investment after raising new monsters or simply trading with everything you get. A paradigm shift that seeks to alter the ways of playing and even, as its creators say, of understanding nations and the world in general. Although the housing bubble exists everywhere.

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