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Virtual real estate plot sells for record $2.4 million -Breaking

by Mike Robinson

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© Reuters.
FILE PHOTO: Visitors are pictured in front of an immersive art installation titled “Machine Hallucinations — Space: Metaverse” by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby’s, at the Digital Art Fair, in

By Elizabeth Howcroft

LONDON (Reuters – Decentraland, a piece of online real estate that was owned by Tokens.com and Decentraland, sold Tuesday for a record amount of $2.4 million in cryptocurrency.

Decentraland, also known as a “metaverse”, is an online community where people can purchase land, see buildings, interact with others, and create avatars.

This year has seen an increase in the popularity of such environments due to increased internet usage and the pandemic.

Last month, interest soared after Facebook (NASDAQ: ) changed its name from Meta to better reflect its emphasis on creating virtual reality products for its metaverse.

Blockchain is used in Decentraland, a particular type of metaverse. Non-fungible tokens, also known as NFTs, are used to sell land and other property in Decentraland.

Decentraland’s MANA cryptocurrency allows crypto enthusiasts to purchase land from there for speculative investments.

The Metaverse Group, a subsidiary of Tokens.com bought the property for 618,000 MANA Monday. This was approximately $2,428,740 at that time according to a Decentraland spokesperson and Tokens.com.

Reuters was also able to see the land purchase on OpenSea’s NFT Marketplace.

Decentraland stated that it was the most costly purchase of land on the virtual estate platform.

Tokens.com indicated that it is situated in Decentraland’s “Fashion Street” area. It will be used to hold digital fashion events, and also sell virtual clothes for avatars.

The land is composed of 116 parcels measuring 52.5 feet each.

Tokens.com’s CEO Andrew Kiguel said that these assets would be added to the Metaverse Group real estate.

A plot of land located in Decentraland was sold at 1,295,000 MANA for $913,228. The buyer built a virtual shop to sell digital apparel, however Reuters has been there multiple times and still no shoppers.

MANA’s volatility is high. Coinbase (NASDAQ): It rose by 400% last month, following the name change of Facebook.

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