Canadian firm buys virtual land for $2.4m
Published : Dec 1, 2021 - 15:02
Updated : Dec 26, 2021 - 16:15
A Canadian virtual real estate company Metaverse Group, a subsidiary of investment firm, bought a virtual land in a metaverse platform called Decentraland for $2.4 million.

Established in 2017, Decentraland is an online platform that deals with virtual assets in the form of non-fungible tokens, or NFTs, based on the Ethereum blockchain. Avatars in the Decentraland can earn money by embarking on speculative investment, hosting exhibitions, and conducting advertisement campaigns.

A cryptocurrency, called Mana, is used in the transactions of virtual real estate properties and items in Decentraland. According to the data of Coinbase, the value of Mana spiked approximately 400 percent this month. On Nov. 25, the cryptocurrency recorded its highest market price, hitting $5.84 per Mana.

Metaverse Group bought the virtual property with 618,000 Mana, worth $2.4 million, which is the highest value ever for a virtual real estate transaction.

The 565 square meters of virtual land is located on the “Fashion Street” of Decentraland. The company plans to hold digital fashion shows and sell clothing for avatars in the metaverse.

NFT is a form of crypto asset that uses blockchain technology. Since each NFT contains a non-interchangeable unit of data, it guarantees clear ownership of digital assets in the online market.

Since the outbreak of the pandemic, people have increasingly joined the virtual realm while avoiding in-person interactions in the real world. The increasing popularity of metaverse has also been accelerating the advancement of the NFT market. 

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By Kim Ye-rin (