According to the game's developers, it's the largest sum ever paid for virtual real estate.
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The initiative is a part of the La Guaira Digital program, which aims to fast-track growth and induce economic stability in the country.
"By playing-to-earn and learn, our scholars are gaining critical new skills that will shortly be in huge demand by employers setting up shop in the metaverse," says CGU co-founder Sergei Sergienko.
One way to earn money on the platform is to breed in-game creatures called Axies using crypto, mint them as NFTs, and sell them to other players.
The net market capitalization of Metaverse tokens grew 13.40% to $12.36 billion in the previous 24 hours.
NFT gaming studio Sky Mavis plans to pursue further expansions in the emerging play-to-earn arena.
AXS, CVP and POLS lead altcoins higher while Bitcoin bulls search for a way to reclaim the $50,000 level.
The gaming token, which reached $150 in the early UTC hours of Monday, risks correcting below $90 as a key technical indicator identifies its overbought conditions.
Axie Infinity's price surged to a record high above $118 following the release of a huge airdrop to early supporters and the launch of staking for AXS token.
Axie Infinity players can stake their AXS tokens with rewards to follow up soon.