Patch of virtual land sold for 2.4 million dollars

A digital patch of land was sold recently for a record-breaking 2.4 million dollars. The virtual real estate is a part of Decentraland, a decentralized 3D virtual reality world that is part of the metaverse. The deal eclipses the previous record for virtual real estate, when a piece of Decentraland was sold for 913.000 dollars. The plot of virtual land will be used to host online fashion events and sell virtual clothing.

Metaverse group, not to be confused with the metaverse itself, is a real-estate company focussed on digital assets. It announced the purchase of the virtual piece of land from Decentraland for 618.000 MANA (equivalent to around 2.4 million dollars). Decentraland is a virtual world where people can buy and sell plots of virtual real estate in the much-discussed metaverse, an online realm of interconnected virtual worlds. MANA is Decentraland’s own virtual currency. 

Tokens.com, Metaverse group’s mother company, says that it will use the virtual plot of land to focus on the online fashion industry. Sam Hamilton, head of content at the Decentraland Foundation, said in an announcement that ‘fashion is the next massive area for growth in the metaverse.’ The company intends to use the virtual property to host online fashion shows and e-commerce in the growing world of online fashion.

Fashion’s future
Earlier in 2021, a number of major fashion brands took their first foray into the metaverse. Amongst others, Gucci and Burberry launched a number of metaverse products. Burberry for example released an NFT game character for the online game Blankos Block Party. Other retailers such as Nike have announced the development of virtual sneakers.

NFTs are a form of virtual artwork that has a unique virtual signature granting proof of ownership to their buyer. In contrast to cryptocurrencies, however, NFTs are non-fungible, which means that they are unique and are not interchangeable. 

Text: Andrei Stiru, final editor: Jellen Monsieur
Photo: © Decentraland