Virtual Fashion Street Plot Sells For A Record $2.4 Million

Lucrezia Carnelos/Unsplash

When real estate sales went online, it got us really excited. With standardised quality and a WYSIWYG approach to sales, it meant that part of the housing industry was finally, truly organised. 

But when a virtual (reminder: not online, this virtual plot exists only on the internet) plot just sold for a record 2.4 million dollars, it's blown our minds to metaverse come.

A Piece Of Fashion Street

The Metaverse Group, a subsidiary of Tokens.com, just bought a patch of real estate that doesn't exist anywhere in the universe, for 618,000 MANA on Monday, which was around USD2,428,740 at the time. 

The land 'thing' is in the "Fashion Street" area of Decentraland's map and its new owner said that it would be used to host digital fashion events and sell virtual clothing for avatars.

It is made of 116 smaller parcels, measuring 52.5 square feet each, making the land 6,090 virtual sq. ft. in area.

Well, Where Is It?

Decentraland is an online environment - also called a "metaverse" - where users can buy land, visit buildings, walk around and meet people as avatars.

Using blockchain, land and other items in Decentraland are sold in the form of non-fungible tokens (NFTs), a kind of crypto asset.

Crypto enthusiasts buy land there as a speculative investment, using Decentraland's cryptocurrency, MANA. Btw, MANA is a highly volatile cryptocurrency. 

Has Such A Sale Happened Before?

To our surprise, yes. In June this year, another plot of virtual land in Decentraland sold for 1,295,000 MANA, worth USD913,228 at the time.

🎙 Andrew Kiguel, CEO of Tokens.com, said the assets would complement the real estate already held by Metaverse Group. -- 👀 - DLF, Godrej Properties and The Phoenix Mills.