A plot of virtual land on the blockchain-based game Decentraland broke sales records on the platform by selling for nearly $1 million.
In the world of Decentraland, virtual land is bought and sold via non-fungible tokens (NFTs). Those sales happen every day, but one recent purchase by investors took numbers to a whole new level. The price of $913,228.20 marks the most lucrative purchase of NFT land ever and is more than enough to buy a few real houses in many cities globally.
The digital real estate investment firm Republic Realm was the buyer of the NFT, referred to as a LAND token. In a virtual world like Decentraland, users can show off NFT art, real estate, clothes, and even attend live events with friends online on purchased land.
The price within Decentraland was 1.3 million MANA, which is the platform’s native cryptocurrency. While there have been sales of land for more MANA, the sale remains the highest in terms of dollars spent. The buyers have stated that they have big plans for the future of their new investment and are committed to building and developing the metaverse.
The investment is a plot of virtual land that is comprised of 259 parcels, which represent around 16 acres of digital land. This makes the sale not only the most expensive on Decentraland but the largest in terms of sheer size.
Virtual land becoming a big business
The previous record for a plot of digital land sold on Decentraland happened earlier this month when blockchain protocol Boson Protocol bought a plot for $704,000. The company plans to build a virtual mall on the land. The mall will allow users to buy digital assets and exchange them for real-world goods. Commenting on the sale, Boson Protocol’s Co-Founder Justin Banon said, “We have incredibly ambitious plans for the land. By providing the ability to buy something in the metaverse, and then take ownership of it in the real world, we are enabling new and exciting experiences that encapsulate the possibilities of eCommerce, allowing brands to have direct contact with their customers without requiring intermediaries.”
Decentraland is not the only game in town offering NFT plots of land at real-world prices. The Sandbox, a competitor to Decentraland, recently sold a patch of real estate on its platform for more than $650,000. Another platform named Somnium Space reported a half-million-dollar sale of an estate back in March.
Even big auction houses are getting into the digital real estate game with Sotheby’s opening a virtual replica of their London location to host an NFT art show. The first event attracted more than 3,000 visitors. NFT creators are also offering real-world real estate in the form of non-fungible tokens. A real estate broker named Shane Dulgeroff recently listed his home as part of an NFT sale featuring digital art of said home.