Virtual real estate plot sells for record $2.4 million

FILE PHOTO: Guests are photographed in entrance of an immersive artwork set up titled “Machine Hallucinations – House: Metaverse” by media artist Refik Anadol, to be transformed to NFT and auctioned on-line at Sotheby’s on the Digital Artwork Truthful , in Hong Kong. China September 30, 2021. REUTERS / Tyrone Siu

Join now for FREE limitless entry to

LONDON, Nov 23 (Reuters) – A digital actual property patch within the on-line world Decentraland bought for a file $ 2.4 million value of cryptocurrency, crypto investor purchaser (COIN.NLB) and Decentraland mentioned on Tuesday.

Decentraland is an internet atmosphere, additionally known as a “metaverse”, the place customers should buy land, go to buildings, stroll round, and meet folks as avatars.

These environments have gained reputation this 12 months because the pandemic induced folks to spend extra time on-line. learn extra

Join now for FREE limitless entry to

Curiosity elevated final month when Fb modified its identify to Meta to replicate its give attention to growing digital actuality merchandise for the metaverse.

Decentraland is a selected kind of metaverse that makes use of blockchain. Land and different gadgets in Decentraland are bought within the type of non-fungible tokens (NFTs), a form of crypto asset.

Cryptocurrency lovers purchase land there as a speculative funding, utilizing Decentraland’s cryptocurrency MANA.

A subsidiary, known as the Metaverse Group, purchased an actual property patch for 618,000 MANA on Monday, which was round $ 2,428,740 on the time, a Decentraland spokesperson and an announcement from mentioned.

Reuters additionally noticed the acquisition of the land registered on the NFT OpenSea market.

Decentraland mentioned it was the costliest buy of digital land on the platform.

The land is within the “Vogue Avenue” space of ​​the Decentraland map and mentioned it will be used to host digital style occasions and promote digital clothes for avatars. learn extra

It’s made up of 116 smaller parcels, measuring 52.5 sq. toes every, bringing the lot to a digital dimension of 6,090 sq. toes.

Andrew Kiguel, CEO of, mentioned the property would complement the true property Metaverse Group already owns.

In June, a digital parcel of land in Decentraland was bought for 1,295,000 MANA, value $ 913,228 on the time. Consumers constructed a digital mall to promote digital clothes, however Reuters has visited this website a number of instances since then and has seen no consumers. learn extra

MANA could be very risky. It has gained round 400% this month in keeping with Coinbase, rising after the Fb identify change.

Join now for FREE limitless entry to

Reporting by Elizabeth Howcroft; Edited by Saikat Chatterjee and Barbara Lewis

Our Requirements: The Thomson Reuters Trust Principles.

Leave a Comment