Tokens.com is increasing its stake in the virtual real estate company Metaverse Group. The company has also made a record acquisition of plots (LAND) in Decentraland (MANA). It plans to build a dedicated space for fashion brands that want to improve their visibility in the metaverse.
Tokens.com and virtual real estate: from 50% to 70% participation
Tokens.com had announced in October 2021, a 50% stake in Metaverse Group, for C$1.68 million. On November 17, 2021, Tokens.com revealed in a press release, that the company has invested an additional 3.5 million Canadian dollars in the virtual real estate company. The latter will issue new shares for Tokens.com, which now owns 70% of Metaverse Group.
A $2.5 million fashion avenue in Decentraland
On November 23, 2021, Tokens.com announced in another press release, the acquisition through its subsidiary Metaverse Group, of 116 plots of land of about 565 square meters, worth 618,000 MANA, or approximately $2.5 million. According to Decentraland, this is the largest land acquisition in the metaverse.
The plots are located “in the heart of the Fashion Street district” in Decentraland. They will be used to organize fashion shows, but also for commerce. Metaverse Group will work with fashion brands that want to increase their presence in the metaverse.
The press release goes back to the announcement of luxury brands like Gucci, Burberry and Louis Vuitton in early 2021, indicating their entry into the metaverse via their NFTs. Nike had notably stated that the company would launch digital sneakers in Nikeland.
Fashion is not the only sector destined to develop in the metaverse. Atari had also announced on March 8, 2021, that it would open a casino in the virtual Las Vegas of Decentraland.
The virtual world of Decentraland is gradually being built. The projects it hosts, but also its collaboration with Boson (BOSON) which will build a bridge between the real and the virtual, can only improve in the long term, the attractiveness of the metaverse for big brands and digital universe enthusiasts.