A virtual real estate plot on Decentraland was sold for a record $2.5 million worth of cryptocurrency. According to tokens.com, this is the largest metaverse land acquisition to date.
Metaverse Group, a subsidiary of tokens.com, a publicly listed company that invests in revenue-generating crypto assets tied to decentralised finance (DeFi), non-fungible tokens (NFTs), and metaverse real estate, purchased the 116 parcel estate in Decentraland’s Fashion District.
The virtual property is comparable to 6,090 square feet of land, with each plot measuring 52.5 square feet. The purchase was made on Monday, November 22, 2021 for 618,000 MANA, an Ethereum-based token that serves as Decentraland’s currency.
According to Meta Group, the estate will be developed to facilitate fashion shows and commerce in the rapidly growing digital fashion sector. The company also plans to partner with many established fashion companies aiming to reach new consumers and grow their eCommerce offers in the metaverse. Decentraland and Metaverse Group will work together to produce fashion projects and events on the estate.
What is Decentraland?
Decentraland, a 3D virtual reality world consisting of 90,601 parcels of land powered by the Ethereum blockchain, opened to the public in February 2020.
Users can create virtual buildings like apartments, casinos, art galleries, concert halls, etc., and charge other players for visits. They can also engage others, play games with them, and even construct entire communities together.
People can purchase Decentraland estate and goods and services sold in the virtual world with MANA.
Commenting on the acquisition, Sam Hamilton, Head of Content at the Decentraland Foundation, said, “Fashion is the next massive area for growth in the metaverse. So it’s timely and very exciting that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”
Andrew Kiguel, tokens.com CEO, said, “We are happy to make history by closing the largest public metaverse land acquisition to date. These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group. We are excited to have our subsidiary successfully close this landmark digital real estate transaction,”
Wow, very educating