Kieran Warwick, the Aussie co-founder of an NFT-based game, has shared news of the massive profit he made flipping a piece of virtual real estate. Warwick bought a $300 plot of ‘land’ in the popular blockchain game Axie Infinity and sold it for $28,000.
Increasing the value of unique digital assets, represented by Non-Fungible Tokens (NFTs), is the cornerstone of play-to-earn games built on the blockchain.
Warwick is a self-described ‘Yield Farmer’ and, with his brother Aaron, the co-founder of Illuvium, a decentralised strategy game and NFT collection built on the Ethereum network. He also worked closely with his other brother, Kain Warwick, to establish DeFi platform Synthetix.
Illuvium is a creature-based game similar to Pokemon where gamers capture creatures called Illuvials that are represented by NFTs, and also taps into DeFi users looking for yield farming opportunities.
Virtual plots of land in the Illuvium world could soon be a reality too, according to Kieran Warwick’s reply to a comment on his tweet:
Virtual Real Estate Has Real-World Value
The most expensive NFT real estate sale to date also involved Axie Infinity plots – nine rare plots were sold for 888 Ethereum, or around US$1.5 million, in February:
Games like Axie Infinity are also becoming a viable income source for some, especially in developing countries:
This guy says playing the game helped him afford a ‘real’ plot:
Technology is keeping pace to enable people to secure their digital assets too. In June, cryptocurrency hardware company Ledger announced it would use new funding to provide secure gateways to a growing ecosystem of NFTs, real estate, and other forms of value on the blockchain.
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