Digital asset investor Tokens.com 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”.
The @dcllandbot having fried its circuits, we’re pleased to officially announce the largest metaverse land purchase ever! Congrats to @tokens_com and @Metaverse_Group for securing a 116 parcel estate in the DCL fashion precinct. And if you’re in the fashion industry – get ready! pic.twitter.com/IGyb4nbZQW
— Decentraland (@decentraland) November 23, 2021
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.”
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