The hype surrounding NFTs might have slowed but there is no denying the profitability of the space. Kieran Warwick, the co-founder of Illuvium metaverse, has revealed that he made a profit of over 9,000% through flipping a virtual plot of land he had bought on Axie Infinity metaverse.
According to Warwick, when he purchased the land in 2020, there weren’t many use-cases for virtual lands like they are now. However, in recent times, in-metaverse advertising and mining have become commonplace in the sector as more people now have a use for their virtual lands.
Warwick noted that he had bought the land for $300 and a little over a year later, he successfully sold it for $28,000 —a whooping gain of over 9000%.
In his words “I just sold a plot of land for 28K that I bought for $300. You think this isn’t going to be a revolution? What happens when your kid asks for your CC to play a game and comes back with bundles of cash?”
The Illuvium metaverse founder further said he had invested in Axie infinity because of the platform’s promise “to build out the metaverse.” However, it is yet to fulfill its end of the bargain, but despite this, the value of its digital lands have recorded exponential growth within the space of a year.
He stated that “basically it was speculation, I just thought that play-to-earn in itself, which is this new paradigm of gaming which is taking off now, is going to bring so many players to this game. No matter what, if I buy a rare plot of land, it’s going to be worth some money.”