Virtual land in metaverse sold for more than 2 million USD

November 26, 2021 By admin 0

A digital parcel of land in the Decentraland platform has just been sold for $2.43 million, more expensive than in many major cities.

On November 23, Token.com, a Canadian decentralized finance investment company, purchased a virtual land in the Decentraland platform. Business Insider says it’s the highest-priced virtual real estate ever sold. The previous record was held by a digital parcel of land worth $913,000.

Metaverse Group, a subsidiary of Token.com has completed the purchase of the digital land for 618,000 MANA, or $2.43 million at the time of the transaction. The land that Token.com purchased consists of 116 small lots, with a total area of ​​​​about 6,090 square feet (565 square meters), larger than the size of a real-life basketball court.

Mr. Andrew Kiguel, CEO of Token.com, said that this land will add to the virtual real estate portfolio currently held by Metaverse Group. This company sells and leases virtual land on multiple metaverse platforms such as Cryptovoxels, The Sandbox, Upland, and Somnium.

The price of recently sold land in Decentraland is higher than the median home price in Manhattan, New York. According to data from IRL, the average land price in the US is about 123 USD/square foot. At more than 6,000 square feet, the land Token.com just purchased is worth about $750,000 in real life.

The aforementioned virtual real estate is located in Decentraland’s Fashion Street in Decentraland. According to the publisher, this area was created to showcase fashion and promote the digital clothing business.

Decentraland’s virtual world

In June, a virtual plot of land in Decentraland sold for 1.3 million MANA (equivalent to $913,000 at the time) to build a mall, selling virtual clothes. Reuters said it has visited the site many times but has not seen anyone shopping here.

In Decentraland, avatar clothing can be bought and sold as NFTs. Hiroko Kai, a digital artist, said that she earned $ 15,000-20,000 in 3 weeks selling fashion in this metaverse platform.

Decentraland’s virtual world is divided into 16×16 plots of land. Each of these plots is represented by an NFT. MANA coin is considered as in-game currency, used to buy and sell land and as a means of transaction for all activities.

Landowners in the platform will also receive income from their real estate, being able to stitch adjacent pieces of land to build into unique architecture. Decentraland gameplay is similar to the famous Minecraft game.

Decentraland is a longtime project in the metaverse-oriented cryptocurrency space. Recently, Decentraland held a large-scale festival, bringing together more than 80 top artists with 5 epic virtual stages built entirely in the game world.

Before the positive news for the metaverse field, the price of MANA coin set a new peak at USD 5.78 on the afternoon of November 25. According to Coinbase, the value of this cryptocurrency has increased by about 400% since Facebook changed its name to Meta.