Plot Of Virtual Land Sells For Record $2.43M—More Than What Real City Homes Cost
By Mikelle Leow, 26 Nov 2021
Video screenshot via Decentraland
Tiny spaces have nothing on this expensive plot of land that takes up zero physical space. On Tuesday, an area in virtual world Decentraland sold for a record US$2.43 million, far higher than the previous most expensive strip of virtual land which raked in US$913,228 in crypto during the time of sale.
The buyer was Metaverse Group, a subsidiary of Tokens.com, who paid for the virtual-only land for 618,000 MANA, the cryptocurrency that Decentraland uses. Located in Decentraland’s ‘Fashion Street’, it covers 116 parcels of land, each stretching 52.5 square feet, which amount to 6,090 virtual square feet.
The group hopes to turn this zone into a venue for digital fashion events and a shopping area for virtual clothing.
The sale sounds even more bizarre when you consider that the land was bought at a sum above the average price of a home in Manhattan or San Francisco, as pointed out by Insider. According to Kiplinger, Manhattan is the US borough with the highest average home price (US$2,404,750); and San Francisco directly follows New York with a US$1,394,651 average.
“We are happy to make history by closing the largest public metaverse land acquisition to date,” says Tokens.com CEO Andrew Kiguel. “These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group. We are excited to have our subsidiary successfully close this landmark digital real estate transaction.”
[via Insider and Reuters, cover image via Decentraland]
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