A virtual plot of land in the online world of Decentraland has sold for a record $2.4 million worth of cryptocurrency.
The 116 parcel estate, located in the heart of Decentraland’s Fashion District, was acquired by Metaverse Group, a subsidiary of Tokens.com, a publicly-traded company which invests in revenue-generating crypto assets linked to decentralized finance, non-fungible tokens, or NFTs, and metaverse real estate.
The virtual property is equivalent to a total of 6,090 square feet of land, with each parcel equivalent to 52.5 square feet, marking the largest metaverse acquisition to date. The acquisition was purchased on Monday for 618,000 MANA, an Ethereum based token used as currency in Decentraland.
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Metaverse Group will collaborate with Decentraland develop the estate for fashion shows and commerce. The company plans to establish partnerships with existing fashion brands looking to expand their e-commerce offerings within the metaverse.
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Luxury brands that have entered the metaverse with designer NFTs include Gucci, Burberry, and Louis Vuitton. Nike also announced it would release digital sneakers in its own virtual world called “Nikeland.”
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The sale comes as the metaverse has grown in popularity in recent weeks.
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Both Roblox and Epic Games have previously announced plans to build their own metaverses. Chipotle opened a virtual restaurant in Roblox for a Halloween promotion.
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Also last month, Facebook CEO Mark Zuckerberg announced that the social media giant would dive deep into building the metaverse and has since changed its name to Meta. Meta, which will transition to the ticker symbol MVRS beginning Dec. 1, expects investments in virtual and augmented reality to put a $10 billion dent in the company’s operating profit in 2021.
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Disney CEO Bob Chapek also teased on the company’s fourth quarter earnings call that the entertainment giant could one day create its own metaverse.
“Our efforts to date are merely a prologue to a time when we’ll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse,” Chapek said. “And we look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms wherever the consumer may be.”
In addition, Microsoft is working on building out a metaverse for office workers through its Teams product. A new featured called Mesh for Teams will allow anyone to access meetings in the metaverse via smartphones, laptops and mixed-reality headsets. Mesh is expected to roll out in the firs half of 2022 to Teams’ 250 million users.