Two days ago, Sky Mavis announced the staking process for land in Axie Infinity. Since the announcement, Axie Infinity land prices have seen unsettling fluctuations as players tried to look for the best investment through the new update.
Axie Infinity Land Staking: How Does it Work?
According to Sky Mavis, “Axie Infinity land staking is an initiative designed to increase ownership of the native token AXS among landholders”. Players can earn rewards by farming their land. Taking into consideration that different lands yield different resources a player can earn.
The new land staking function enables holders to lock their land. In return, the land becomes more scarce and maintains its value, making holders happy. For this, Sky Mavis set aside 337,500 AXS ($11,329,875 as of writing) per month to reward users staking their land.
What Caused the Price Fluctuations?
On May 4, Twitter user @MiddyNFT posted an image with a table of comparison on which land will yield the best profit. The post said that Arctic land is by far the best investment and will let players regain their costs in the least days before they start making a profit.
However, there’s a problem. Once players figured out that Arctic land was the most profitable, they started buying it up. This, in turn, resulted in it not being the most profitable anymore.
After @MiddyNFT updated another version of the table, the prices changed again. It seems making an updated spreadsheet with the ever-fluctuating prices is an arduous task. At the same time, players relying on someone’s post for their decision is also not the best choice.
As of writing, Arctic, Mystic, and Genesis land prices have risen so quickly. Purchasing one of them is out of reach for most people. Like Yuga Labs’ Otherside, having a decent plot of land in Axie Infinity is now a privilege of the most wealthy.
The beginning of 2022 has been a tough year for Axie infinity. It will be interesting to see if these new land ventures will have a positive result on the popular blockchain game’s performance.
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