The metaverse real estate market is booming. Several parcels of digital land on Decentraland, the decentralized 3D virtual reality platform, have been sold for a whopping $2.43 million.
A plot of land sold for a high price on Decentraland
The sale of this parcel of land on the Decentraland metaverse (MANA) was concluded by the virtual real estate group Metaverse Group, a subsidiary of the publicly traded company Tokens.com. It includes 116 virtual land parcels, sold for 618,000 MANA, or $2.43 million.
At the time of the sale, it was the largest acquisition of land in a metaverse. A record amount that was soon surpassed. Indeed, a few days later, another digital parcel purchase closed for $2.48 million, this time in the Axie Infinity (AXS) metaverse.
Tokens.com issued an official statement confirming the information. These 116 lots were voluntarily purchased in the heart of Decentraland’s Fashion Street district to mark the ambition to “develop the digital fashion sector”. Metaverse Group also plans to partner extensively with “several existing fashion brands” to expand its digital commerce offerings via metaverse.
Decentraland, a project that has the wind in its sails
Decentraland is a virtual reality platform, or metaverse, in which users can buy and operate a piece of digital land. Eventually, the goal is for users to be able to walk around, visit buildings and meet other people in the form of an avatar.
Interest in this type of acquisition increased tenfold last month with Facebook’s announcement to rename itself to Meta. Many meta-based blockchain projects have experienced a notorious craze that has propelled the price of their cryptocurrencies. This is obviously the case with Decentraland’s MANA, but also with The Sandbox’s SAND, whose prices have reached historic highs.
The price of Decentraland’s MANA has risen stratospherically by 682%, from around $0.75 to over $5.8. Of course, the recent correction that has been affecting the cryptocurrency market for the past few days has finally taken its toll on this rampant growth. Indeed, the MANA price has logically corrected by about 20% in 2 days.