A €2.1 million ‘virtual property’ sold when real money rushes into the metaverse

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On Tuesday, the buying cryptocurrency investor Tokens.com and Decentraland announced that a piece of virtual real estate in the online realm called Decentraland has sold for a record €2.15 million in cryptocurrency.

Decentraland is a virtual world – often known as a “metaverse” – users may purchase property, visit buildings, wander about, and interact with other users as avatars.

As a result of the epidemic, individuals have spent more time online this year, and such places have risen in popularity.

Last month, when Facebook changed its name to Meta to reflect its emphasis on producing virtual reality products for the metaverse, it sparked a spike in interest.

Decentraland is a sort of metaverse that makes use of blockchain technology. Non-fungible tokens (NFTs), a kind of crypto asset, purchase land and other commodities in Decentraland.

Crypto fans use Decentraland’s cryptocurrency, Mana, to purchase land there as a speculative investment.

According to a Decentraland spokeswoman and a statement from Tokens.com, a subsidiary of Tokens.com called the Metaverse Group purchased a piece of real estate for 618,000 Mana on Monday, which was roughly €2.15 million at the time.

The land acquisition was also documented on the NFT marketplace OpenSea, according to Reuters.

It was the most costly purchase of virtual real estate on the site, according to Decentraland.

The property is located in Decentraland’s “Fashion Street” region, and Tokens.com said it would be utilized to organize digital fashion events and sell virtual apparel for avatars.

It comprises 116 smaller portions, each measuring 52.5 square feet, totaling 6,090 virtual square feet.

Tokens.com CEO Andrew Kiguel said the properties will complement Metaverse Group’s existing real estate holdings.

In June, a virtual block of property in Decentraland sold for 1,295,000 Mana, or €815,000 at the time. The purchasers constructed an online shopping mall to sell digital apparel, but the site has yet to see any customers.

Mana is very volatile. Coinbase has increased by 400% this month, with a spike after Facebook’s name change.

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