Virtual land within metaverse sells for record $2.43 million

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A 500-square-metre plot of virtual real estate has sold for $2.43 million, breaking the record for the largest Metaverse land acquisition ever.

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Purchases made by the firm Metaverse Group more than double the previous record for land or property sales in a virtual reality world. It follows recent announcements from Facebook (formerly Facebook), Microsoft and Nike to focus on the Metaverse – a computer-simulated space in which people act, play and interact as avatars.

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The Metaverse Group describes itself as “the world’s first virtual real estate company”, and focuses on buying, developing and selling real estate within the Metaverse.

“We are delighted to make history by closing the largest public Metaverse land acquisition of all time,” said Metaverse Group CEO Andrew Kiguel in a statement. “These assets will complement the existing portfolio of Metaverse Real Estate already in the Metaverse Group.”

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Promotional material for firm reference ready player one, a science fiction novel and film set in 2045 in which people spend significant portions of their lives within a virtual reality universe called OASIS (Ontologically Anthropocentric Sensory Immersive Simulation).

“we believe ready player one Will be representative of the future of both business and real estate, and thus the creation of the Metaverse asset to support the new frontier of virtual reality,” the company’s website states.

Decentraland is one of several VR platforms that offer Metaverse property listings, which include commercial spaces, homes, hangout spots, and art galleries to display digital NFT artwork.

A recent report regarding the current state of Metaverse described Decentraland as the most advanced in the blockchain universe, although the Ethereum blockchain network-based VR platform remains in the early adoption stage.

The latest plot of virtual real estate will be used to develop a space to host fashion shows and e-commerce in partnership with a number of unknown brands.

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

“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.”


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