Singer JJ Lin Has Purchased SG$123,000 Worth of Virtual Real Estate
Just days after a patch of virtual real estate in the online world of Decentraland sold for a record US$2.4 million worth of cryptocurrency, it was announced that Singaporean singer, songwriter, record producer and actor JJ Lin had also purchased three pieces of virtual land in the metaverse.
This means that the international superstar now holds three virtual plots of land on Decentraland, namely: Prime Gallery One, Primary Gallery Two and Nearest to Genesis Plaza.
The three plots were purchased on the Opensea non-fungible token (NFT) marketplace, for 6000 Mana each which amounts to about SG$41,000. Mana is Decentraland’s currency.
According to Opensea, Prime Galleries One and Two were purchased by an Opensea account user named Dan309 about a month ago. The property was then transferred to JJ Lin’s OpenSea account which is named Meta_Enigma.
Nearest to Genesis Plaza was purchased directly from another user on the site.
Currently, each pixel on Decentraland’s site plan is 52.5 square feet which means that Lin paid around S$780.95 per square foot of Decentraland real estate.
Metaverse environments have been on gaining popularity especially after Facebook announced that they would be rebranding as Meta. They also announced that they would be launching a social, three-dimensional virtual space where users can share immersive experiences with other people.
These experiences have exploded in popularity with the ongoing pandemic forcing more people to spend time online and with brands and organisations having to rethink how they can engage consumers in a socially distanced way.
Nowadays, people are increasingly buying NFTs and virtual property to build their own virtual spaces or to display their NFT collections for other users to view.
Lin is also not a stranger to the virtual industry. In fact, on November 8, the star bought a rare Cryptopunk NFT for 125 Ethereum, which is worth about SG$761,000.