According to a source, a part of virtual real estate in the online realm known as Decentraland was sold for a stunning $2.4 million in cryptocurrencies.
Buyer cryptocurrency investor Tokens.com announced the $2.4 million purchase on Tuesday, and Decentraland confirmed it on Wednesday.
To the uninitiated, Decentraland is an online environment also known as a ‘metaverse,’ which is an online arena where users may exist, purchase, and meet new people all while remaining in the comfort of their own homes.
The metaverse has lately become the talk of the town, especially after Facebook rebranded itself Meta in order to prepare for the launch of virtual reality goods for the metaverse.
Decentraland is a virtual world powered by blockchain technology. NFTs, or non-fungible tokens, are used to represent land, buildings, and other digital real estate in the metaverse.
Using Decentraland’s own money, MANA, cryptocurrency investors have acquired land in the metaverse as a speculative investment.
The Metaverse Group, a subsidiary of Tokens.com, made the large purchase on Monday for about 618,000 MANA, which was valued $2,428,740 at the time. It was the most costly purchase of virtual real-estate on Decentraland, according to the platform.
The location acquired has some significance, much as in real life: it is in Decentraland’s ‘Fashion Street’ district. Tokens.com claims that it will conduct digital fashion events and offer designer apparel for digital avatars.
The property is divided into 116 smaller lots, each measuring 52.5 square feet, for a total of 6,090 square feet (virtual).
Decentraland made another large plot sale a few months earlier in June for 1,295,000 MANA, which was roughly $913,228 at the time. The mall’s owners developed a virtual shopping centre to sell digital apparel, but according to report, there are no digital shoppers in the mall yet.
What is Decentraland? (MANA)
Decentraland is an Ethereum-based programme that aims to encourage a worldwide network of users to govern a shared virtual environment.
Users of Decentraland may explore, engage, and play games in this virtual environment while buying and selling digital real estate. Users may now use interactive apps, in-world payments, and peer-to-peer communication thanks to the platform’s evolution.
In Decentraland, operations are governed by two sorts of tokens.
These are the following:
LAND – A non-fungible token (NFT) that is used to define the ownership of digital real estate land parcels.
MANA – MANA is a cryptocurrency that may be used to buy LAND and other virtual products and services in Decentraland.
Changes to the Decentraland software are made possible through a network of blockchain-based smart contacts that allow MANA owners to vote on policy modifications, land auctions, and new development subsidies.
What is the metaverse, and how does it work?
It’s a hybrid of technological features such as virtual reality, augmented reality, and video in which users “live” in a digital realm. The metaverse’s supporters envisage its users working, playing, and remaining connected with pals through everything from concerts and conferences to virtual excursions across the world.
In a February 2021 blog on his website, Matthew Ball, managing partner of venture capital firm Epyllion Industries, claimed, “Right now, we are on the edge of the new internet.”
When will we be able to view it?
Mark Zuckerberg, the CEO of the newly renamed Meta (previously Facebook), predicts that the metaverse’s primary capabilities will take five to ten years to become ubiquitous. However, certain features of the metaverse are now visible. Even if they aren’t available to everyone, ultra-fast internet rates, virtual reality headgear, and permanent always-on online worlds are already available.