Source: PYMNTS —
Thinking about building a club or a casino or a virtual storefront in the metaverse? Better talk to a broker, because at least some of that augmented reality (AR) land is priced through the roof.
On Tuesday (Nov. 23) Reuters reported that Tokens.com subsidiary the Metaverse Group “bought a patch of real estate for 618,000 MANA on Monday, which was around $2,428,740 at the time,” adding, “The land is in the ‘Fashion Street’ area of Decentraland’s map and Tokens.com said it would be used to host digital fashion events and sell virtual clothing for avatars.”
Best to explain a few things. Decentraland is a metaverse comprised of more than 90,000 “parcels” of virtual land running on the Etherium blockchain, albeit with its own native currency called MANA — the altcoin of the realm, as it were — and it’s attracting monied investors.
At $2.4 million it’s the highest price yet paid for a plot in the metaverse after Republic Realm, a digital real estate investment fund, paid $900,000 in June with plans for a virtual mall.