snaps up $2.4m worth of ‘digital real estate’ on Decentraland

The plot of land sits in the heart of 'Fashion Street', an ever-popular space within the Decentraland metaverse

Digital asset investor has completed the $2.4m acquisition of a plot of ‘digital land’ within the Decentraland metaverse platform.

The purchase was for a ‘116 parcel estate’, or plot of land, in the ‘Fashion Street Estate’ district within Decentraland. The platform completed the buy via its subsidiary, Metaverse Group – a “real estate company focused on the metaverse economy”.

Decentraland noted that the plot purchase was the “largest metaverse land acquisition” to date, and marks the growing impact and popularity of the ‘Metaverse‘ and gaming within crypto.

The purchase was made using 618,000 MANA, the native token used as currency in Decentraland.

MANA is used to buy, sell and develop ‘land’ within Decentraland, which is similar to a unique ‘virtual property’ within the platform. Ownership of land can be then documented and verified on the Ethereum blockchain like an NFT.

Plots of land are then divided into 16×16 meter ‘parcels’, which can be identified using X and Y coordinates. The ‘estate’ will be developed further to host fashion shows and commerce stores within the ‘digital fashion’ industry.

The Metaverse Group also plans to forge partnerships with “several existing fashion brands looking to connect with new audiences and expand their ecommerce offerings within the metaverse”.

Sam Hamilton, Head of Content at the Decentraland Foundation, commented on the importance of fashion within the expansive metaverse space.

“Fashion is the next massive area for growth in the metaverse,” he said.

“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.”

Disclaimer: The views and opinions expressed by the author should not be considered as financial advice. We do not give advice on financial products.

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