A parcel of land that only exists in a virtual world, virtual land in the metaverse worth a record $2.4 million worth of cryptocurrency has been purchasedNov 242021
The land lot will be used to host virtual fashion events and sell avatar outfits.
A parcel of land that only exists in a virtual world was sold for a record $2.4 million in cryptocurrencies, according to the buyer himself, the crypto-asset investment company Tokens.com
The real estate is located in Decentraland, a virtual environment, part of a so-called 'metaverse' that is being developed by several companies to offer digital spaces where users can buy land, walk, visit buildings and communicate with others through avatars.
Decetraland uses blockchain technology, a decentralized system of data blocks that serves as the foundation for bitcoin and many other cryptocurrencies.
There, virtual lots of land and other 'goods' are sold in the form of non-fungible tokens (NFTs), which are digital assets that are not mutually interchangeable, thus purporting to have a collectible value. This year has seen exorbitant rises in the value of these types of assets.
Investors in crypto projects, attracted by the growing interest in this nascent sector, buy land and virtual objects in Decentraland using its native cryptocurrency MANA, which is currently trading at close to four dollars.
The aforementioned parcel was bought this Monday for 618,000 MANA, equivalent to $ 2,428,740 at the time of the acquisition. Reuters confirmed the transaction record on the NFT OpenSea marketplace.
The land in question, acquired through Metaverse Group (a subsidiary of Tokens.com), is located in the 'Fashion Street' district and will be used to host digital fashion events and sell virtual apparel for avatars.
The lot consists of 116 plots, each measuring 4.9 square meters, for a total of 566 square meters.
MANA has grown 400% in one month, after Facebook announced its name change to Meta, which fits into the company's plans to develop its own metaverse projects.