This article covers the first NFT-powered in-game land sale by Blockchain gaming giant Gala Games. While talking about the details of the project it also focusses on the commercial value and how to participate in the in-game-economy.
Blockchain gaming company Gala Games will be launching its first limited land sale in a game called Legacy, which is powered by non-fungible tokens (NFTs). The company is advertising this land sale in its game world as “every creative entrepreneur’s dream come true”. The game will now allow players to build their own businesses in the Legacy ecosystem from scratch. Of the 4,661 pieces of plot that were made available for purchase, 4,500 have already been sold for $54 million (roughly Rs. 411 crore) in the virtual land.
In order to be able to participate in the in-game economy, players are required to become land-owner in the game Legacy.
Players now have around 140 plots of land to purchase and complete the map of the UK’s London city for a total asking price of around 2.1 million (roughly Rs. 16 crore). The plots are up for sale on the Gala Games’ marketplace.
While the Legacy NFTs can technically outlast the game, the long-term value they’ll have if the game itself becomes unplayable remains unclear as of now.
In recent days, several gaming companies and brands have launched similar NFT holdings to help players earn while playing in the 3D iteration of the Internet, also called “metaverse”.
Recently, sportswear brand Adidas Originals announced its entry in the metaverse with two NFT game brands, Bored Ape Yacht Club, and Pixel Vaults Punks Comic.
Last month, a virtual superyacht called Metaflower Super Mega Yacht was sold for $650,000 (roughly Rs. 4.8 crore) in the metaverse.
As per a Bloomberg Intelligence report, the metaverse could touch a valuation of $800 billion (roughly Rs. 59,58,719 crore) by 2024.
As for NFTs, in the third quarter of 2021, sales volume surged to $10.7 billion (roughly Rs. 79,820 crores), up by over eightfold from the previous quarter, market tracker DappRadar said in a report.
NFTs are digital collectibles the ownership of which are held and transferred on the blockchain.
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