By Gurleen Buttar
Real estate is booming in Metaverse, where you can buy digital land. A Canadian crypto investor spent $2.43 million in cryptocurrency on a piece of digital land in Decentraland, an online, virtual-only environment that is worth more than the average home price in Manhattan and beats out San Francisco’s price.
Since Facebook changed its corporate name to Meta, interest in the metaverse has exploded. Metaverse is a virtual and augmented reality, that combines digital and physical worlds. It has translated into a digital economy allowing you to purchase virtual items like land, clothes, and cars from one platform to the other.
Land in the metaverse is purchased by enthusiasts, and other digital properties have also sold it for high prices. Crypto enthusiasts use Decentraland’s cryptocurrency, MANA, to buy land as a speculative investment. Land and other items are sold in the form of NFT’s (non-fungible tokens), a kind of crypto asset.
According to a Decentraland spokesman and a Tokens.com statement, the Metaverse Group, a subsidiary of Canadian company Tokens.com, purchased a piece of real estate on Monday for 618,000 MANA, which was around $2,428,740 at the time. According to Decentraland, this was one of the most expensive purchases of virtual real estate on the platform. The location purchased has some significance, just like in real life; it is in Decentraland’s ‘Fashion Street’ area. Tokens.com claims that it plans to host digital fashion events as well as sell designer clothing for digital avatars. The plot is divided into 116 smaller parcels of 52.5 square feet each, for a total of 6,090 (virtual) square feet.
Decentraland had another large plot sale in June, worth 1,295,000 MANA (approximately $913,228 at the time). The owners built a virtual shopping mall to sell digital clothing, but according to Reuter’s report, the mall appears to have no digital shoppers as of yet.