Axie Homeland Season 1 and the Play-to-Earn NFT Gaming Model: Assessing Long-Term ROI in Land-Based NFT Metaverse Investments

The Play-to-Earn (P2E) model has redefined the intersection of gaming and blockchain, with Axie Infinity emerging as a flagship example. Launched in February 2023, Axie Homeland Season 1 introduced a new dimension to the Axie Infinity ecosystem by emphasizing land-based NFTs as both a gameplay mechanic and an investment vehicle. This article evaluates the long-term return on investment (ROI) of Axie Homeland Season 1 land NFTs, drawing on recent sales data, user engagement metrics and broader market trends to assess their viability as metaverse assets.

The Performance of Axie Homeland Season 1 Land NFTs

Axie Homeland Season 1's land NFTs were designed to incentivize strategic gameplay through features like Passive Adventure leaderboards and Land Development contests, offering AXS tokens and exclusive NFT rewards to top participants according to Play-to-Earn reports. High-tier land, such as Genesis and Mystic plots, became critical for competitive advantage, with the cheapest Mystic Land priced at 8 ETH at launch. This pay-to-play dynamic created a stark ROI divide: players with premium land advanced significantly faster than those with lower-tier plots, underscoring the asset's utility in gameplay progression.

Sales data reveals the premium placed on these NFTs. In February 2025, nine Genesis land plots sold for 888 ETH (valued at $1.5 million at the time), while a single Genesis plot recently fetched 550 ETH (~$2.4 million). Platforms like DappRadar and CryptoSlam track these trends, showing consistent demand for rare land despite the seasonal reset of progress.

However, ROI remains speculative, as long-term value hinges on sustained engagement and future developments beyond Season 1.

User Engagement and the Metaverse's Vitality

User engagement metrics highlight Axie Infinity's enduring appeal. The "Wings of Nightmare" event in late 2024 drove daily active users to 1.36 million on November 27, a 39% quarter-over-quarter increase in marketplace trading volume. Such events not only boost short-term participation but also reinforce the game's ecosystem by tying land NFTs to evolving content. For instance, the introduction of Lunacian Dream World and Nightmare Axie evolutions created new use cases for land, enhancing its strategic and economic value.

This engagement is critical for ROI. As Axie Infinity transitions into Atia's Legacy, land NFTs will unlock features like dungeon creation, land decoration, and guild-based territorial activity, positioning them as foundational assets in the game's evolving metaverse. These updates suggest that land ownership will retain relevance beyond seasonal resets, potentially stabilizing long-term ROI.

Long-Term Value Retention and Market Trends

The broader virtual land NFT market is projected to grow from $1.1 billion in 2025 to $20.9 billion by 2035, at a 34.5% CAGR. Axie land NFTs align with this trajectory, as their utility extends beyond aesthetics: they serve as NFT staking assets that generate in-game resources and AXS tokens according to ChangeHero analysis. This dual-token economy (AXS and SLP) has historically provided players with real earning potential, though SLP's volatility remains a significant risk.

Post-Season 1 updates have further solidified land NFTs' role in the ecosystem. For example, land development mechanics now allow players to derive ongoing rewards through farming and building, transforming land into a dynamic income stream. This shift mirrors real-world real estate, where location and development potential drive value.

Real-World Utility and External Factors

Axie land NFTs have also gained real-world utility through Ronin blockchain's low-cost transactions, enabling frequent trading and liquidity. While specific partnerships for Axie land NFTs in 2023–2025 remain undisclosed, the broader NFT space has seen a rise in Real-World Asset (RWA) integrations and hybrid online-offline experiences according to AI Software Insights. These trends suggest that Axie land NFTs could evolve beyond gaming to include utility in decentralized applications (dApps) or cross-platform metaverse projects.

However, investors must remain cautious. The pay-to-play model and reliance on speculative demand mean that land NFTs are vulnerable to market cycles. For instance, the SLP token's price swings have historically impacted ROI calculations, as players balance earnings from gameplay with the cost of land acquisition.

Conclusion: A Calculated Bet on the Metaverse

Axie Homeland Season 1 land NFTs represent a compelling case study in P2E economics. Their performance in 2023–2025 demonstrates strong short-term demand, driven by competitive mechanics and high-profile sales. However, long-term ROI depends on Axie Infinity's ability to sustain engagement through continuous innovation-such as Atia's Legacy-and to integrate land NFTs into broader metaverse ecosystems.

For investors, the key takeaway is to view Axie land NFTs as strategic assets rather than speculative tokens. While the pay-to-play model introduces risks, the game's robust NFT marketplace, projected market growth, and evolving utility suggest that land NFTs could retain value as the metaverse matures. As with any investment, diversification and a long-term horizon are essential to navigating the volatility inherent in this space.