Virtual ‘estate’ that exists only on the internet sells for record $2.4 million

[Spartan]

 

The burgeoning digital real estate market is heating up.

A virtual “estate” in Decentraland, one of the two dominant metaverses, changed hands on Nov. 23 for a record sum — the equivalent of $2.4 million at the time.

Tokens.com Corp., via its subsidiary Metaverse Group, paid 618,000 MANA — the native Decentraland cryptocurrency — for 116 parcels comprising some 6,090 square feet in the virtual world.

The estate, in Decentraland’s Fashion District, is now worth much more, thanks to a 35% increase in the value of MANA overnight. Cryptocurrencies are notoriously volatile, but the market overall has trended up since the summer. MANA has increased in dollar value by more than 65 percent over the last week, and by more than 550 percent over the last month, according to crypto marketplace Coinbase.

Decentraland, like other metaverses, is still largely undeveloped. But investor interest in the metaverse has grown in recent months as retail, gaming and media companies like Facebook have staked claims in virtual worlds. As the number of participants has multiplied, value has coalesced around estates and other plots located near highly-trafficked public squares and emerging commercial enterprises like casinos.

Speculators say digital real estate can serve a variety of purposes, from retail showrooms, to event spaces and virtual offices.

Toronto-based Tokens.com, a publicly traded company that facilitates investment in digital assets, plans to develop the Decentraland estate for staging fashion shows with clothing brands, the company said in a release. Luxury brands such as Louis Vuitton, Gucci and Burberry have already entered the metaverse through designer NFTs — unique digital assets secured by blockchain technology.

In September, Tokens.com paid roughly $2 million for a 50% stake in a portfolio of digital real estate owned by Metaverse Group, with plans to spin it off as the world’s first metaverse REIT.

Tokens.com is led by co-founder and CEO Andrew Kiguel, a former real estate investment banker.

The Sandbox, another dominant metaverse oriented toward gaming, is set to launch Nov. 29 after four years in development. SAND, the native currency of the virtual world, is up more than 800% in the last month.

[megadheera]

Koni em chesukontaru?

[Spartan]

1 minute ago, megadheera said:

Koni em chesukontaru?

@sri_india

[sri_india]

6 minutes ago, Spartan said:

@sri_india

Already neenu @dasari4kntr east facing plot kosam trying bro

[MysoreJackson]

Monna evado virtual painting konnadu for few millions.. its a screensaver types... adem picho...

[gudboy]

3 minutes ago, sri_india said:

Already neenu @dasari4kntr east facing plot kosam trying bro

Lot premium entha ata bro

[sri_india]

2 minutes ago, gudboy said:

Lot premium entha ata bro

 Corner bit ayithy ekkuva undi bro

[Sucker]

Ori mee jaathi ni 10nga 

[Raven_Raeyes]

Evadanna virtual ring road or airport eyandayya...dani pakka ne oka layout chesi plots ammi padestha....ie udyogam inkenni rojilu cheyalo emo...

isonti innovative scams alochinchi oka scheme eyalsinde..

[Aryaa]

All these are leading to crypto bubble 

[Ryzen_renoir]

The present bubble is making  to .com bubble of 1999 look like child's play in comparison 

It should have already been popped by now but the unprecedented 10 T$ cash pumping by central banks over last 2 years has only made it bigger 

Just keep 10-15% of your assets in gold / real estate or something that doesn't lose value incase stock market crashes

[kevinUsa]

Bhayya ee plot ki vastu unda ??

[bluebadger]

3 hours ago, Spartan said:

 

The burgeoning digital real estate market is heating up.

A virtual “estate” in Decentraland, one of the two dominant metaverses, changed hands on Nov. 23 for a record sum — the equivalent of $2.4 million at the time.

 

Tokens.com is led by co-founder and CEO Andrew Kiguel, a former real estate investment banker.

The Sandbox, another dominant metaverse oriented toward gaming, is set to launch Nov. 29 after four years in development. SAND, the native currency of the virtual world, is up more than 800% in the last month.

insider trade la kodutundi 

[Tomb__ayya]

 

[DalchanChekka]

There’s a fine line between athi telivi and pichi I guess