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A virtual plot of land in the online world of Decentraland has been sold for a record $2.4 million worth of cryptocurrency.

The 116-parcel estate, located in the heart of the fashion district of Decentraland, was acquired by Metaverse Group, a subsidiary of Tokens.com, a publicly traded company that specializes in decentralized finance, revenue linked to non-fungible tokens- Srijan invests in crypto assets. Or NFT, and Metaverse Real Estate.

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The virtual property totals 6,090 square feet of land, with each parcel equal to 52.5 square feet, the largest Metaverse acquisition to date. The acquisition was made on Monday for 618,000 MANA, an Ethereum-based token used as currency in Decentraland.

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The Metaverse Group will collaborate with Decentraland for fashion shows and commerce. The company plans to establish partnerships with existing fashion brands that are looking to expand their e-commerce offerings within the metaverse.

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PPRUYkering bit79.875+0.24+0.31%
barbiBurberry Group Plc25.46+0.01+0.02%
LVMUYLVMH Want Hennessy from Louis Vuitton162.73+0.54+0.33%
NSNike, Inc.172.03-0.12-0.07%

Luxury brands entering the metaverse with designer NFTs include Gucci, Burberry and Louis Vuitton. Nike also announced that it will be releasing digital sneakers in its virtual world called “Nickland”.

The sale comes as the Metaverse’s popularity has soared in recent weeks.

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rblxRoblox Corp.124.23+9.36+8.15%
CMGChipotle Mexican Grill, Inc.1,707.93-0.54-0.03%

Both Roblox and Epic Games have previously announced plans to create their own metaverse. Chipotle opened a virtual restaurant in Roblox for Halloween promotion.

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American PlanMeta Platforms, Inc.341.06+3.81+1.13%

Also last month, Facebook CEO Mark Zuckerberg announced that the social media giant would delve deeper into building the Metaverse and has since changed its name to Meta. Meta, which will convert to the ticker symbol MVRS from December 1, expects investments in virtual and augmented reality to make a $10 billion dent in the company’s operating profit in 2021.

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districtWalt Disney Company151.34+0.31+0.21%

Disney CEO Bob Chapek also teased the company fourth quarter earnings call That the entertainment giant might one day create its own metaverse.

“Our efforts to date are only a prelude to a time when we will be able to connect the physical and digital worlds even more closely, allowing storytelling without boundaries in our own Disney metaverse,” Chapek said. “And we look forward to creating unique opportunities for consumers wherever consumers can experience everything Disney has to offer on our products and platforms.”

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MSFTMicrosoft Corp.337.91+0.23+0.07%

In addition, Microsoft is working on building a metaverse for Office workers through its Teams product. a new feature called nets for teams Will allow anyone to access meetings in the Metaverse via smartphone, laptop, and mixed-reality headset. Mesh is expected to roll out to Teams’ 250 million users in the first half of 2022.