A parcel estate of virtual real estate in the Decentraland metaverse has sold for a record $2.4 million leading the MANA token to reach an all time high shortly after the sale.
What the sale of the 116 parcel estate demonstrated is that the price of virtual land mirrors that of real-world real estate, demonstrating the popularity of virtual real estate and current appetite for anything metaverse.
The Decentraland metaverse comprises over 90,000 parcels of virtual land and runs on the Ethereum blockchain. Users of the platform can buy and sell land to create their own unique scenes and structures, from shopping malls to entire villages.
Reuters reported the sale of parcel 116 on Tuesday, with the hefty sum of 618,000 MANA (Decentraland’s native currency) paid for by The Metaverse group – a Tokens.com subsidiary.
Following the sale, Decentraland’s native token MANA hit $5.84 for the first time pushing it up 40% over the last six days.
The firm Metaverse REIT, commented on how the scarcity of digital worlds is what makes them highly desirable::
“Digital scarcity is a tenant of all virtual Worlds. There is a limited amount of virtual real estate in these Metaverse’s and just like the physical realm, only a subset of that available real estate is considered desirable.”
Similar virtual worlds such as Axie Infinity have also experienced high investor interest, with a plot of digital land in the Axie Infinity metaverse selling for $2 million this week. At the time Axi tweeted: “we believe this is the largest sum ever paid for a single plot of digital land,” overtaken by the recent sale in Decentraland.
As the first virtual world, Decentraland has received a lot of interest from investors, and while the $2.4 million sale may seem ludicrous to many, the money going into virtual worlds is very real.
Disclaimer: This article is provided for informational purposes only. It is not offered or intended to be used as legal, tax, investment, financial, or other advice.
