If longstanding institutions like Sotheby's have already opened their virtual gallery in the Voltaire Art District of Decentraland, and tech giant Samsung opened its first metaverse store Samsung 837X, this is definitely not some fake news. People indeed are moving to this open-world, free-to-play virtual reality platform where you can be whoever you want to be and look however possible, roam around and interact with other avatars, and actually trade NFTs.
Sounds bullish? Yeah, blew my mind too when I first heard of it.
And then recently, Tatler reported a virtual real estate plot in Decentraland has been sold for a record-breaking US$2.4 million worth of cryptocurrency. Yeah, crazy-expensive indeed. And did I mention that 6,090 virtual sq ft on Fashion Street, Decentraland will be used to host digital fashion events and sell virtual clothing for avatars? Fashion influencers on Instagram must be rummaging through their junk emails for some missed metaverse runway invitations.
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What is Decentraland?
Back in 2015 Argentinians Ari Meilich and Esteban Ordano developed Decentraland, a 3D virtual world platform where users could buy virtual plots of land as NFTs using the MANA cryptocurrency, which is an ethereum token, and currently at a Philippine peso value of 143.29. When Decentraland was launched in 2017, parcels of digital land were sold for just about 20 USD but since then, the prices have soared due to the surge in popularity for NFTs, blockchain-based games, and the support of previously mentioned companies.
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