A strip of virtual ‘Land’ NFTs has just been sold for $ 2.4 million

Image for the article titled Someone Just Bought a Strip of Virtual 'Land' for over $ 2.4 million

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In yet another example of virtual goods being sold for sky-high prices to no noticeable reason, an investment firm has just dumped about $ 2.4 million on a huge plot of … virtual land. Is not the future great ?!

On Tuesday, the Canadian investment firm Tokens.com announced that it had purchased 116 plots of virtual land from a company called Decentraland, which bills themselves as “the first virtual world ever [that’s] owned by its users. “It may sound almost identical to the virtual worlds of the past—specifically, Second Life– but do not be fooled. As the company notes, “unlike other virtual worlds such as Second Life“It’s not controlled by a centralized organization or company.” Okay, dude.

The Tokens.com investment came out to 618,000 MANA, the Etherium-based token that Decentraland uses as its world currency. Translates it into US dollars, this company spent $ 2,428,740 in total on the transaction, making Tokens release notes the largest “of its kind” transaction to date.

For the mega-investment, the company received 116 virtual land “packages”, which adds up to about 6,090 square feet of space land – slightly larger than the size of your average basketball court. For reference, while prices for IRL plots vary widely from state to state, some estimates set the average price per. square feet in the United States for about $ 123, which means it is equivalent to the real world of this purchase would have cost about $ 750,000, instead of … $ 2.4 million.

But these are not only anyone packages, according to the announcement. This plot is tastefully “in the heart of the Fashion Street district of Decentraland, and” will be developed to facilitate fashion shows and trade in the exploding digital fashion industry. ”

In other words: This basketball-sized plot will be transformed into a digital mall at a time when actual, real-time malls and hotspots for retail across the country crumbles, largely thanks to the rise of e-commerce shepherd of the ongoing covid-19 pandemic. Meanwhile, big brands are going all-in on the NFT trend, with mega-brands like Gucci, Burberry, and Louis vutton roll-out of their own non-fungible goods in recent months. It was only a matter of time before someone rolled out a digital fashion district teeming with digital malls to showcase these designs.


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