Plot of digital land in the metaverse sells for record $2.43 million

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Virtual real estate is on a tear.

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A plot of virtual land in the online world known as Decentraland sold this week for $2.43 million, more than double the previous record for the price of virtual real estate.

Decentraland is a popular online environment where users can exchange cryptocurrencies for land and buildings. Users can roam the digital world and meet other users through customizable avatars.

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Decentraland exploded in popularity last month when Facebook changed its corporate name to Meta, to reflect the company’s commitment to growing its offerings in the so-called Metaverse, the latest to echo the view of some executives. Has become a corporate buzzword. Internet.

Metaverse Group, a subsidiary of Tokens.com, purchased Decentraland’s “116 parcel estate in the heart of the Fashion Street District” for 618,000 value, the cryptocurrency used in the digital world.

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Metaverse Group said in a press release that it was worth $2.43 million at the time of purchase.

The company said it will use its new virtual real estate to support its expansion into the digital fashion industry.

Decentraland exploded in popularity last month after Facebook changed its corporate name to Meta.
Decentraland

“Fashion is the next huge area for growth in the metaverse,” Sam Hamilton, head of content at the Decentraland Foundation, said in a statement.

“So it’s timely, and very exciting, that Metaverse Group has made a decisive commitment with this land purchase at the heart of Decentraland’s fashion complex.”

Various luxury fashion houses, including Gucci Burberry and Louis Vuitton, have flirted with the so-called metaverse, issuing NFTs, or non-fungible tokens, which are a part of the trend.

Digital landscape of the Pyramids and the Sphinx.
Metaverse Group has purchased Decentraland’s “116 parcel estate in the heart of the Fashion Street district for 618,000 value.
Decentraland

Other retailers like Nike have been clear about their commitment to capitalize on the Metaverse movement, though it’s still unclear what that will look like.

This week’s multimillion dollar purchases of digital real estate are higher than the previous record in June, when a real estate investment firm paid more than $913,000 for a property in Decentraland.

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