Virtual Real Estate Sells For Record $2.43M In Decentraland
A virtual plot of land sold for a record-breaking $2.43 million in Decentraland – the latest piece of evidence that the metaverse could change the fashion industry.
Metaverse Group, an NFT-based virtual real estate firm under the Tokens.com parent company, purchased the virtual land for 618,000 MANA, the native cryptocurrency of Decentraland.
According to a press release from Tokens.com, the virtual land will be developed for fashion shows and commerce within the emerging digital fashion industry.
"Fashion is the next massive area for growth in the metaverse,” Sam Hamilton, head of content at the Decentraland Foundation, said in the statement. "So it's timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland's fashion precinct."
The transaction more than doubles the previous record for the most lucrative plot of virtual land ($913,228.20). Earlier that same month in June 2020, Boson Protocol purchased a $704,000 parcel of establish a virtual mall.
Luxury fashion houses like Givenchy, Balenciaga and Gucci all have explored the NFT space in some capacity, with Nike recently launching its own metaverse, NIKELAND, on Roblox.
The Metaverse Group clearly sees a growing trend.
The acquisition will add the equivalent of 6,090 square feet of land into its existing portfolio of virtual real estate. With global headquarters based in Decentraland's Crypto Valley, the Metaverse Group owns virtual real estate across leading metaverses.
"We are happy to make history by closing the largest public metaverse land acquisition to date," Tokens.com CEO and co-founder Andrew Kiguel said in the release. "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."