Bizarre! A virtual patch of land in the online metaverse sells for a record-breaking $2.4 million


From food deliveries to art – the world is turning digital at a rapid pace. But who would have thought that land – the very physical aspect of earth could also be sold online with buyers willing to pay whopping sums for the same! However, in proving so, an online piece of land on Decentraland recently fetched a whopping sum of $2.4 million in cryptocurrency while breaking records of every kind. The news was also confirmed by buyer crypto investor Tokens.com.

Online environments such as Decentraland (also called metaverses) allow users to buy land, visit buildings, walk around, and meet people as avatars. These platforms have grown in popularity and generally use blockchain as a means of operation.

For instance, Decentraland uses land and other items in the form of non-fungible tokens (NFTs), and buyers can purchase them using the platform’s cryptocurrency, MANA. The patch of land in question was purchased by the Metaverse Group (a subsidiary of Tokens.com) for 618,000 MANA or around $2,428,740.

Making for the most expensive purchase of a plot of virtual real estate on the platform, the land lies in the “Fashion Street” area of Decentraland’s map and would be used by the buyers to host digital fashion events and sell virtual clothing for avatars.

As per U.S. News, it consists of 116 smaller parcels, measuring 52.5 square feet each, making the land 6,090 virtual square feet in size. In June this year, a similar plot of virtual land was also sold for 1,295,000 MANA, worth $913,228, then on Decentraland. Is virtual the new real?

[Via: US News Money]

Tags from the story