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Virtual Real Estate Plot Sells For Record $2.4 Million

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Decentraland is an online environment – also known as a “metaverse” – where users can buy land, visit buildings, move around and meet people as avatars.

Buyers Crypto investors Tokens.com and Decentraland said on Tuesday that Decentraland, a patch of virtual real estate in the online world, sold a record $2.4 million worth of cryptocurrency.

Decentraland is an online environment – also known as a “metaverse” – where users can buy land, visit buildings, move around and meet people as avatars.

Such environments have grown in popularity this year, as the pandemic has prompted people to spend more time online.

Interest grew last month when Facebook changed its name to Meta to focus on developing virtual reality products for the Metaverse.

Decentraland is a specific type of metaverse that uses blockchain. Land and other goods in Decentraland are sold as non-fungible tokens (NFTs), which are a type of crypto asset.

Cryptocurrency enthusiasts buy land there as a speculative investment using Decentraland’s cryptocurrency, MANA.

A subsidiary of Tokens.com, called Metaverse Group, purchased a patch of real estate on Monday for 618,000 MANA, which was approximately $2,428,740 at the time, a Decentraland spokesperson and Tokens.com statement said. Is.

Reuters also recorded the purchase of land on the NFT marketplace OpenC.

Decentraland said it was the most expensive purchase of a plot of virtual real estate on the platform.

The land is in the “Fashion Street” area of ​​Decentraland’s map and Tokens.com said it will be used to host digital fashion events and sell virtual clothing for avatars.

It is made up of 116 smaller parcels, each measuring 52.5 square feet, giving the land size of 6,090 virtual square feet.

Tokens.com CEO Andrew Kiguel said the asset would complement the real estate already held by Metaverse Group.

In June, a plot of virtual land in Decentraland was sold for 1,295,000 MANA, worth $913,228 at the time. Buyers created a virtual shopping center to sell digital clothing, but Reuters visited the site several times and did not see any buyers.

MANA is highly volatile. According to Coinbase, it is up nearly 400% this month following the Facebook name change.

Source: Reuters

(The story has been published from a wire feed without modifications to the text. Only the heading has been changed) 

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