Virtual Real Estate Plot Sells at ₹ 7.45 Crore

Virtual Real Estate Plot Sells at ₹ 7.45 Crore

In what can be termed as eye-popping news, a patch of virtual land in the blockchain-based online world ‘Decentraland’ has been sold for ₹ 7.45 Cr at the time of writing. The Decentraland Foundation has confirmed record purchases for the platform.  It must be noted that the ownership of virtual land in Decentraland is purchased and sold in the form of a non-fungible token (NFT) which is a type of crypto asset that records the ownership status of digital items on the blockchain.

The Decentraland Foundation further stated that the buyer was an investment vehicle called Republic Realm, a digital real estate investment fund which is owned by Republic, a U.S.-based investment platform that enjoys the backing of investors that also include Binance and Proses.

DappRadar, a website that tracks NFT sales data has termed the deal the most expensive purchase of NFT land to date.  

Constituted of 259 units or “parcels” of land, the plot of virtual real estate represents 66,304 virtual square meters (16 virtual acres), which makes the deal the biggest Decentraland land purchase in terms of virtual size as well.

The purchase was formalized using MANA, Decentraland’s cryptocurrency. The land was valued at 12,95,000 MANA, which was valued at ₹7.45 Cr. at the time of sale.  

What needs to be understood here is the fact that blockchain-based real estate in a virtual world has jumped in price as part of the NFT market frenzy that started in early 2021.

In virtual worlds like Decentraland, people can show their NFT art collections, walk around with friends, visit buildings and attend events.

As part of a recent Sotheby’s NFT sale, the auction house opened a virtual replica of its London building within Decentraland and exhibited the NFT artworks there that attracted more than 3,000 virtual visitors.

Interestingly another blockchain-based virtual world, The Sandbox, a patch of virtual real estate, was sold for around ₹ 4.84 Cr.

The latest development is a clear pointer towards the fact that how virtual real estate is making its presence felt and growing from strength to strength.

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