A plot of virtual land in the online world known as Decentraland sold this week for a whopping $2.43 million. More than double the previous record set for the price of virtual real estate.
Decentraland is a famous online marketplace where users may trade bitcoins for land and structures. Users can also wander about the digital world and interact with other users using avatars that they can customize.
Last month, after Facebook changed its name to Meta to reflect the company’s commitment to expanding its offerings in the so-called Metaverse, which has become the latest corporate buzzword to reflect what some executives believe will be the next iteration of the internet, Decentraland exploded in popularity.
For 618,000 mana, a cryptocurrency used in the digital realm. Metaverse Group, a subsidiary of Tokens.com, purchased Decentraland’s “116 parcel estate in the heart of the Fashion Street district.”
According to a press statement from Metaverse Group, that was the equivalent of $2.43 million at the time of purchase. The company plans to use its new virtual real estate to help it expand into the digital fashion market. According to the company.
“Fashion is the next major area for growth in the metaverse.”
In a statement, Sam Hamilton, head of content at the Decentraland Foundation, stated. “Fashion is the next major area for growth in the metaverse.”
“With this site purchase in the heart of Decentraland’s fashion precinct, Metaverse Group has made a firm commitment, which is both timely and exciting.”
Several high-end fashion firms, like Gucci, Burberry, and Louis Vuitton, have dabbled in the so-called Metaverse. Releasing NFTs, or non-fungible tokens, as part of the trend.
Other businesses, such as Nike, have made it apparent that they intend to profit from the Metaverse movement, though it’s yet unclear how they’ll do it.
This week’s multimillion-dollar acquisition of digital real estate smashes the previous high of $913,000 paid for property in Decentraland by a real estate investment group in June.