September 23, 2023

Tyna Woods

Technology does the job

Virtual authentic estate plot sells for record $2.4 million

LONDON, Nov 23 (Reuters) – A patch of virtual real estate in the on the internet world Decentraland sold for a file $2.4 million well worth of cryptocurrency, the consumer crypto investor (COIN.NLB) and Decentraland stated on Tuesday.

Decentraland is an on the internet setting – also termed a “metaverse” – where by buyers can invest in land, stop by structures, walk all-around and fulfill people as avatars.

Such environments have developed in attractiveness this yr, as the pandemic triggered persons to expend extra time on the net. read through much more

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Fascination surged last thirty day period when Facebook modified its title to Meta to replicate its concentration on building digital truth items for the metaverse.

Decentraland is a unique kind of metaverse that utilizes blockchain. Land and other objects in Decentraland are bought in the type of non-fungible tokens (NFTs), a form of crypto asset.

Crypto fanatics acquire land there as a speculative expense, working with Decentraland’s cryptocurrency, MANA.

A subsidiary of, called the Metaverse Group, bought a patch of real estate for 618,000 MANA on Monday, which was about $2,428,740 at the time, a Decentraland spokesman and a statement by mentioned.

FILE Photo: Website visitors are pictured in front of an immersive art set up titled “Equipment Hallucinations — Place: Metaverse” by media artist Refik Anadol, which will be converted into NFT and auctioned online at Sotheby’s, at the Digital Artwork Fair, in Hong Kong, China September 30, 2021. REUTERS/Tyrone Siu

Reuters also noticed the land’s acquire recorded on the NFT marketplace OpenSea.

Decentraland reported it was the most expensive purchase of a plot of virtual authentic estate on the platform.

The land is in the “Vogue Avenue” place of Decentraland’s map and stated it would be utilised to host digital style functions and market digital clothes for avatars. read much more

It is made of 116 lesser parcels, measuring 52.5 sq. toes every, earning the land 6,090 virtual square feet in size.

Andrew Kiguel, CEO of, mentioned the assets would complement the real estate by now held by Metaverse Team.

In June, a plot of virtual land in Decentraland offered for 1,295,000 MANA, really worth $913,228 at the time. The potential buyers constructed a virtual browsing centre to sell electronic clothes, but Reuters has visited this web-site several periods given that and not observed any purchasers. browse more

MANA is highly volatile. It has gained all over 400% this month in accordance to Coinbase, spiking immediately after Facebook’s identify transform.

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Reporting by Elizabeth Howcroft Enhancing by Saikat Chatterjee and Barbara Lewis

Our Requirements: The Thomson Reuters Have faith in Rules.