Kieran Warwick, the co-founder of forthcoming NFT-powered gaming metaverse Illuvium, has revealed he made a gain of more than 9,000% from flipping a virtual plot of land purchased from the Axie Infinity metaverse.
Warwick, the brother of Synthetix founder Kain, recounts purchasing the plots during mid-2020, noting there “weren’t too many use cases” for digital land at the time, with in-metaverse advertising and mining having yet to become common as utilities for virtual property.
He purchased the plot for $300, and announced the sale a year later for $28,000 on July 13.
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?
— Kieran (@KieranWarwick) July 12, 2021
Despite the lack of apparent utility, Warwick invested “quite a bit into” Axie Infinity based on “the promise for them to build out