Canadian crypto investor seizes virtual real estate land for record $ 2.4 million

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Buyer Tokens.com plans to use 6,090 virtual square feet in the Fashion Street district of Decentraland to host digital fashion events and sell virtual clothes for avatars

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Reuters

Elizabeth howcroft

Release date :

Nov 24, 2021 • 3 hours ago • 2 minutes read • 6 comments A photo shows avatars in Soho Plaza, part of the Decentraland virtual world. Canadian crypto investor Tokens.com has spent a record US $ 2.4 million to purchase virtual 6,090 square feet in the Fashion Street area of ​​the online environment. Photo by Martin Shibuya, Artistic Director / Decentraland Foundation via REUTERS Content of the article

LONDON – A piece of virtual real estate in the online world Decentraland has sold for a record $ 2.4 million worth of cryptocurrency, crypto-investor Tokens.com and Decentraland said on Tuesday.

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

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

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

Decentraland is a specific type of metaverse that uses blockchain. Land and other items in Decentraland are sold in the form of non-fungible tokens (NFTs), a kind of crypto asset.

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

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A subsidiary of Canadian company Tokens.com, called the Metaverse Group, bought land on Monday for 618,000 MANA, or about $ 2,428,740 at the time, a Decentraland spokesperson said and a Tokens statement. com.

Reuters also saw the purchase of the land registered on the NFT OpenSea market.

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

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

It is made up of 116 smaller parcels, measuring 52.5 square feet each, making the land an area of ​​6,090 virtual square feet.

“Fashion is the next big area of ​​growth in the metaverse,” Sam Hamilton, content manager at the Decentraland Foundation, said in a statement posted on the Tokens.com website. “It is therefore timely and very exciting that the Metaverse group has made such a decisive commitment with this purchase of land in the heart of the fashion district of Decentraland. “

Andrew Kiguel, CEO of Tokens.com, said the assets will complement real estate already owned by Metaverse Group.

In June, a virtual lot in Decentraland sold for 1,295,000 MANA, valued at $ 913,228 at the time. Buyers have built a virtual mall to sell digital clothing, but Reuters has visited this site several times since and has not seen any buyers.

MANA is very volatile. It has gained around 400% this month according to Coinbase, peaking after Facebook’s name change.

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