Gala Games, a blockchain gaming firm, will conduct its first limited land auction in a game called Legacy, which uses non-fungible tokens to power it (NFTs). This land sale is described as “every creative entrepreneur’s dream come true” by the corporation in its gaming world. In the Legacy environment, players will now be able to start from scratch and develop their own enterprises. In the virtual land, 4,500 plots have already been sold for $54 million (approximately Rs. 411 crores) out of a total of 4,661 plots available for purchase.
In order to participate in the game’s economy, players must first acquire land in Legacy.
For a total asking price of over 2.1 million, players now have around 140 plots of land to acquire and complete the map of the UK’s London metropolis (roughly Rs. 16 crores). The plots are available for purchase through the Gala Games marketplace.
While the Legacy NFTs can theoretically survive the game, their long-term usefulness is unknown at this time if the game becomes unplayable.
Several gaming firms and brands have recently created comparable NFT holdings to assist gamers in earning money while playing in the 3D version of the Internet, commonly known as the “metaverse.”
Adidas Originals has announced its foray into the metaverse with the launch of two NFT gaming brands, Bored Ape Yacht Club and Pixel Vaults Punks Comic.
Metaflower Super Mega Yacht, a virtual superyacht, was sold for $650,000 (approximately Rs. 4.8 crore) in the metaverse last month.
According to Bloomberg Intelligence, the metaverse might be worth $800 billion (approximately Rs. 59,58,719 crore) by 2024.
In the third quarter of 2021, sales volume for NFTs increased by more than eightfold from the previous quarter to $10.7 billion (approximately Rs. 79,820 crores), according to market tracker DappRadar.
NFTs are digital valuables that are housed and transferred on the blockchain.