A section of virtual real estate in the online world named Decentraland has been sold for a whopping $2.4 million worth of cryptocurrency, according to a report by Reuters.
The $2.4 million worth purchase was revealed by buyer cryptocurrency investor Tokens.com and Decentraland revealed this on Tuesday.
To the unaware, Decentraland is the online environment that’s also referred to as a ‘metaverse’ -- an online space where users can exist, purchase, meet new individuals, all in a digital world while staying in the confines of their homes.
Metaverse has recently become the talk of the town, especially since Facebook renamed itself Meta, to look forward to introducing VR products for the metaverse.
Decentraland is a metaverse that makes use of blockchain technology. The land, buildings and other digital real-estate in the metaverse are present in the form of NFTs or non-fungible tokens.
Cryptocurrency investors have purchased land in the metaverse as a speculative investment, using Decentraland’s own cryptocurrency, dubbed MANA.
The massive purchase was made by the Metaverse Group -- a subsidiary of Tokens.com for around 618,000 MANA on Monday, which at the time was worth $2,428,740. According to Decentraland, it was the most expensive purchase of a plot of virtual real-estate on the platform.
Just like real life, the locale purchased has some significance -- it is in the ‘Fashion Street’ area in Decentraland. According to Tokens.com, it intends to host digital fashion events as well as sell designer clothing for digital avatars.
The plot is made up of 116 smaller parcels, each measuring 52.5 square feet, making a total of 6,090 (virtual) square feet.
A few months ago in June, Decentraland had another hefty plot sale worth 1,295,000 MANA which was around $913,228 at the time. Owners built a virtual shopping centre for selling digital clothing, however, according to Reuter’s report, the mall seems to have no digital shoppers yet.