Metaverse: Virtual Real Estate Plot Sells for Record $2.4 Million.

Decentraland is an online environment – also called a “metaverse” – where users can buy land, visit buildings, walk around, and meet people as avatars.
A patch of virtual real estate in the online world Decentraland sold for a record $2.4 million (roughly Rs. 17 crore) worth of cryptocurrency, the buyer crypto investor and Decentraland said.
Such environments have grown in popularity this year, as the pandemic caused people to spend more time online. Interest surged 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. A subsidiary of, called the Metaverse Group, bought a patch of real estate for 618,000 MANA on Monday, which was around $2,428,740 (roughly Rs. 18 crore) at the time, a Decentraland spokesman and a statement by said. 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 said it would be used to host digital fashion events and sell virtual clothing for avatars.
MANA is highly volatile. It has gained around 400 percent this month according to Coinbase, spiking after Facebook’s name change.

Leave a Comment

Your email address will not be published. Required fields are marked *