A Virtual Real Estate Plot in the Metaverse Has Sold for a Record US$2.4 Million
A patch of virtual real estate in the online world of Decentraland has been sold for a record US$2.4 million worth of cryptocurrency, according to Decentraland, an online metaverse where users can buy land, meet people virtually and explore buildings.
Metaverse environments have been on everyone’s mind 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.
Decentraland in particular uses blockchain in its metaverse. Land and other items in the system are sold in the form of non-fungible tokens (NFTs) which are a kind of crypto asset.
A subsidiary of Tokens.com, which is also called the Metaverse Group, purchased the patch of virtual real estate for 618,000 Mana which is Decentraland’s currency.
The land’s purchase was also notable enough to be recorded on the NFT marketplace, Opensea. Decentraland has said it was the most expensive purchase of a plot of virtual real estate on the platform so far.
The land is made up of 116 smaller parcels that measure 52.5 square feet each. This means that the land is 6,090 virtual sq ft in size.
The land is also located in the Fashion Street in Decentraland’s map and Token.com has said that it will be used to host digital fashion events and sell virtual clothing for avatars.