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Illuvium Co-founder Flips Axie Infinity Virtual Estate for a 9,200 Percent Gain in a Year

Kieran Warwick, co-founder of Illuvium, sold a virtual property piece in Axie Infinity for $28,000 after purchasing it for $300 last year.

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Kieran Warwick, the co-founder of the upcoming NFT-powered gaming metaverse Illuvium, has stated that he achieved a profit of over 9,000 percent by flipping a virtual parcel of land he bought from the Axie Infinity metaverse.

Warwick, Synthetix founder Kain’s brother, recalls purchasing the plots in mid-2020, adding that there “weren’t too many use cases” for digital land at the time, with in-metaverse advertising and mining still being uncommon as virtual property utilities.

He paid $300 for the land and announced the sale a year later on July 13 for $28,000.

Despite the seeming lack of utility, Warwick put “quite a bit of money” into Axie Infinity because of “the promise that they will develop up the metaverse.” While players wait for Axie to finish developing its land, Kieran points out that the plots have increased in value by thousands of percent in the last year.

“Basically, it was guesswork; I just assumed that play-to-earn, which is a new gaming paradigm that is now gaining traction, would attract a large number of players to our game. Whatever the case may be, if I purchase a unique piece of property, it will be valuable,” he said.

Warwick has put money into four metaverse initiatives but mentioned only Axie Infinity and Mars.

“I want to have land in all of the different games that I think are […] going to grow in the next few years.”

He compares his investment method to physical real estate, stating that when predicting whether property values in a certain suburb would rise, investors look for new developments and other expansion signals.

“It’s the same principle in the metaverse,” Warwick explained. “If you believe there will be a lot of interest and other people developing next to you […], then buying these land parcels is a no-brainer.” But, on the other hand, they’re quite unusual in practically every case.”

“You can see how the scarcity will actually create some allure if they mint 10,000 land plots, and then all of a sudden, there are a million players.”

Land Can Be A Productive Asset

Beyond speculative buy-and-hold strategies, Warwick underlines that virtual real estate investors can put their land to work by hosting advertisements on their plots in Decentraland.

While Warwick believes that “advertising opportunities are probably the biggest use case” at the moment, he believes that as metaverses evolve, the possibilities for virtual land will be “endless.”

Warwick also stated that his own project, Illuvium, will begin selling land soon, underlining that the virtual parcels will have “a use case from day one.”

Illuvium, he claimed, will have a mini-game that will allow virtual landowners to mine for an in-game mineral that will be used to mint products in the game.

“You can only mine it if you have land,” Warwick explained, underlining that he doesn’t want Illuvium’s real estate to be used solely for speculation: “just a stagnant thing where people buy, and it’s only important if someone else wants to buy it.”

NFT

Snoop Dogg Gives Advice to Reese Witherspoon on Ethereum NFTs

Snoop Dogg, a celebrity NFT collector, shares his thoughts on who to watch in the space.

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Reese Witherspoon is dabbling in the crypto realm, starting with an Ethereum (ETH) purchase and now her first NFTs. On the latter front, she’s getting help from Snoop Dogg, a rapper and entertainer who just claimed that he’s very involved in the NFT movement.

“Just bought my first NFTs!” tweeted Witherspoon on Monday. “I’m gaining a lot of knowledge. I’d love to hear about inspiring women who are developing #NFTs. Chat with me on #cryptotwitter.” She didn’t specify which NFTs she bought. In early September, Witherspoon tweeted about purchasing her first ETH, and she sought guidance from Crypto Twitter in both situations.

Snoop has identified himself as a dedicated NFT collector under the moniker Cozomo de’ Medici, with a collection valued at more than $17 million as of this writing (per DappRadar). As his Cozomo Twitter account shows, he’s well-versed in the scene and was ready with a recommendation for Witherspoon.

Snoop advised Witherspoon contact Priyanka Desai, the chief of operations at OpenLaw and an NFT-collecting DAO Flamingo DAO member, in a quote-tweet.

Snoop’s Cozomo de’ Medici pseudonym tweeted, “May I kindly recommend a conversation with @PriDesai, one of the most influential women in NFT, who can then connect you with the most incredible female artists, collectors, and innovators in our world,”

Snoop’s tweet has elicited no response from Witherspoon. Still, she did enjoy several other responses from the Crypto Twitter community, including a couple about the World of Women NFT initiative. She also liked tweets from Stoner Cats, the NFT-funded animated project co-created by actress Mila Kunis, and one from someone who said if she bought a Deadfellaz NFT, they would get a “Reese” tattoo.

In late September, Snoop Dogg unveiled his Cozomo de’ Medici NFT-collecting identity, as well as cooperation with The Sandbox, an upcoming NFT-based metaverse game.

He also uses a CryptoPunks NFT as his Twitter avatar, and he’s just purchased more high-value Ethereum NFTs, including a $3.9 million piece from XCOPY and an undisclosed stake (a “large portion,” according to the broker) of an Art Blocks “Fidenza” NFT valued at 2,500 ETH ($8.7 million).

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NFT

Sales of NFT Frenzy Surpass $10 Billion in the Third Quarter, while AXS Sets a New High

In the third quarter of 2021, a record number of nonfungible tokens (NFT) were sold, and the frenzy shows no signs of slowing down.

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According to data from analytics websites, more than $10.7 billion worth of NFTs were sold between July and September.

Over the last three months, digital art, memes, gaming products, and collectibles have sold like hotcakes, garnering attention from Reuters.

According to the report, which cited DappRadar data, the massive third-quarter amount was up from $1.3 billion in Q2 and $1.2 billion in Q1. However, the estimates could be substantially higher because off-chain transactions, such as those conducted by auction houses are not included.

NonFungible, which only tracks NFTs on the Ethereum blockchain, estimates that the total volume in 2021 will be $7 billion.

Axies and OpenSea are leading the way

In terms of trade volume, the NFT marketplace OpenSea has dominated. Because most NFTs follow the Ethereum ERC-721 standard, they’ve been responsible for some of the highest transaction costs in recent months.

According to Etherscan, the platform is the top gas generator on Ethereum, accounting for 22.5 percent of the total share in the last 24 hours. Since yesterday, it has generated 2,189 ETH ($7.3 million) in network fees. OpenSea consumes more gas than Uniswap and Tether combined.

According to DappRadar, OpenSea has handled $2.75 billion in NFT sales in the last 30 days.

According to NonFungible, more than half of the NFTs sold during the period were between $101 and $1,000, with roughly 20% in the $1,001 to $10,000 range.

Art Blocks, an NFT project based in the United States that sells algorithmically generated digital artworks, had a strong quarter. According to CryptoSlam, the Axie Infinity “play-to-earn” metaverse has been the greatest seller of NFTs to far, with over $2.2 billion sold.

According to the NFT ranking website, there are currently roughly 2 million Axie owners. According to DappRadar, Axie Infinity made $776 million in Q3 revenue.

AXS is pushed to ATH by NFT Fever

Last week, the gambling platform introduced staking incentives for its native AXS tokens, causing the price to skyrocket to an all-time high of $156 on Oct. 4.

According to CoinGecko, AXS was trading at $137 at the time of writing, up 115 percent in the last seven days and 825 percent in the previous three months.

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The Granddaughter of Warren Buffett Is Interested in Ethereum and NFTs

Nicole Buffett has become a supporter of the NFT, despite her grandfather’s skepticism.

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Nicole Buffett, Warren Buffett’s granddaughter, recently told Institutional Investor that her collection of non-fungible tokens had nearly sold out in just a few months.

While competitors like Cardano and Solana aim to threaten Ethereum’s dominance in the NFT market, the progeny of the great business magnate claims that Ether is the currency of the NFT field.

Buffett claims that she only accepts the dollar for physical art:

“I’ll assist folks in getting set up so they can buy paintings on the blockchain, but the NFT space’s currency is Ethereum. Physicals are still paid in dollars.”

Warren Buffett is regarded as one of the most outspoken cryptocurrency skeptics, referring to Bitcoin as “rat poison squared.”

His granddaughter says that investing in art is similar to stock or bond investing:

“When my grandfather examines something, he asks, ‘Does it have integrity? Does it have a long-term value? Can you tell me what the components are and how you’d break them down?’ … Art is a lot like that.”

Buffett says she wants her NFTs to remain inexpensive in terms of price.

Before the deal, most of Buffett’s customers are unaware of her ties to one of America’s wealthiest families.

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