Virtual real estate: Plot sold for $2.4 million

A spot of virtual real estate in Decentraland, an online world was sold for a record price worth $2.4 million in cryptocurrency. Here’s what you should know about it.

Record sale of virtual real estate ‘land’

Decentraland, in a metaverse, or online environment where users can visit buildings, buy land, or explore and meet people with their avatars. The popularity of such online environments has grown since people are spending more time online since the pandemic started. Moreover, the interest in virtual words increased as Facebook revamped to Meta, reflecting its focus on developing more products focused on the metaverse.

However, Decentraland is very specific. This metaverse uses blockchain and sells land and other items as non-fungible tokens (NFTs). Crypto enthusiasts can acquire this crypto asset as a speculative investment using MANA, Decentraland’s cryptocurrency.

More on the record sale

On Monday, the Metaverse Group bought a patch of land for a record price of 618,000 MANA. The metaverse group is a subsidiary of Tokens.com. At the time of the sale, the price was worth about $2,428,740, according to a Decentraland spokesman. A statement by Tokens.com also confirmed the same. Additionally, according to the firm, this is the most expensive piece of virtual real estate on the platform.

The land is located in Decentraland’s fashion street. Made up of 116 smaller parcels measuring 52.5 square feet each, it measures a total of 6,090 virtual square feet.Tokens.com stated that it will use the plot for hosting digital fashion events. Additionally, it also revealed that they will soon start selling virtual clothing for avatars.

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