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They buy virtual lands in the ‘metaverse’ for a record value of 2.4 million dollars in cryptocurrency

Published:

Nov 24, 2021 06:14 GMT

The land lot will be used to host virtual fashion events and sell avatar outfits.

A parcel of land that only exists in a virtual world was sold for a record $ 2.4 million in cryptocurrencies, according to the buyer himself, the crypto-asset investment company. Tokens.com.

The property is located in Decentraland, a virtual environment, part of a so-called ‘metaverse’ that is being developed by several companies to offer digital spaces where users can buy land, walk, visit buildings and communicate with others through avatars.

Decetraland uses technology ‘blockchain‘, a decentralized system of data blocks that serves as the foundation for bitcoin and many other cryptocurrencies.

Illustrative image

There, virtual lots of land and other ‘goods’ are sold in the form of non-fungible tokens (NFT, for its acronym in English), which are digital assets not mutually interchangeable, so they are intended to have a collectible value. This year has seen exorbitant hikes in the value of this type of asset.

Investors in crypto projects, attracted by the growing interest in this nascent sector, buy land and virtual objects in Decentraland using their native cryptocurrency. MANNA, which is currently trading at about four dollars.

The aforementioned plot was bought this Monday for 618,000 MANA, equivalent to $ 2,428,740 for the time of acquisition. Reuters confirmed the transaction record in the NFT market OpenSea.

The lands in question, acquired through Metaverse Group (subsidiary of Tokens.com), are located in the district of ‘Fashion Street‘and will be used to present digital fashion events and sell virtual outfits for avatars.

The lot consists of 116 plots, each measuring 4.9 square meters, to add up to a total 566 square meters.

MANA has grown 400% in a month after Facebook announced its name change to Meta, which fits into the company’s plans to develop its own metaverse projects.

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HELEN HERNANDEZ

Helen Hernandez is our best writer. Helen writes about social news and celebrity gossip. She loves watching movies since childhood. Email: Helen@oicanadian.com Phone : +1 281-333-2229

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