A virtual land dubbed "Decentraland" was recently sold for an astonishing price of $2.43 million. Metaverse Group bought the digital piece of land for double its original set price.
Amid the popularity of metaverse, many people have become more interested in owning a digital land like this virtual real estate. Apart from investing in cryptocurrencies, investors have been more immersed in exploring what is beyond digital currencies and non-fungible tokens or NFTs.
Virtual Real Estate Sold For $2.43 Million
According to a report by The New York Post on Thursday, Nov.25, Decentraland works like a typical virtual environment where users could interact with other people. Following the sudden fame that Facebook made when it changed its name to Meta, the virtual land's popularity ballooned as well due to the metaverse trend.
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For 618,000 mana, the Metaverse group purchased the virtual real estate which is located in the Fashion street district of the virtual blockchain platform. The subsidiary of Tokens.com used the official cryptocurrency in this virtual space.
In a press release, Metaverse said that its acquisition of Decentraland was equal to $2.43 million in cash during that time. Furthermore, the company announced that its newly-bought virtual real estate would be used to extend help for the digital fashion sector.
For Decentraland Foundation content head Sam Hilton, the metaverse will mark fashion as the "next massive area for growth." He said that the Metaverse Group's recent move to purchase the digital land has been exciting and timely.
In line with the fashion trend, many fashion NFTs including Louis Vuitton and Gucci, have been gradually joining the metaverse.
The same report said that Nike had expressed its interest in entering the Metaverse venture. However, it did not state the specific details on what NFTs will be released in the future.
Back in June, another chunk of virtual land in Decentraland was sold for over $913,000. With that, November's purchase of virtual real estate was able to surpass the old record.
Decentraland's MANA Token Sees 40% Increase
Following the purchase of the virtual reality platform in Decentraland, the value of MANA tokens reached an all-time high price of $5.84 for the very first time. The cryptocurrency climbed to almost 40% last week, according to Coindesk.
The recent transactions involving MANA hinted that it was in high demand at the moment. More than $100,000 worth of tokens were involved in these undertakings.
Metaverse Venture and NFT
Earlier this month, Tech Times reported that "Pokemon Go" developer Niantic grew interested in participating in the metaverse hype following its announcement about creating a "real-world metaverse.
The company said that it would be launching Lightship, which will focus on bringing the mixed-reality platform to the users. At the time of the report, the firm announced that it was still in the development stage.
Those who want to explore the AR environment could access it through the Augmented Reality Developer Kit, which is set to launch next year. Niantic said that it now opened the service for the developers until May 1, 2022.
In another report, the auction for Thanksgiving NFTs at Macy's is currently ongoing.
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Written by Joseph Henry
