Plot of Ethereum-based “Decentraland” just sold for $1.43m

Decentraland, an Ethereum-based (NFT run) online world, sold 66,304 square meters of virtual land for US$900,000, reported the Decentraland Foundation.

The buyer was Republic, an American investment platform backed by Binance and Prosus, who used a digital real estate investment vehicle called Republic Realm to make the purchase. 

The land cost 1,295,000 MANA, Decentraland’s currency, and is currently the largest purchase in terms of size (virtual pixels) and value (real-world currency) in NFT history.

The “traders” and “content builders” in Decentraland have stated that there are plots and estates in this virtual world that could fetch upwards of US$2 million.

HirotoKai, an in-game wearable creator in Decentraland, said, “I believe Decentraland will become even more well known very soon. The reason I feel this way is because we have had concerts, art shows, events, that the people just have such a fun time. This place is a place where you can be anyone you want to be. The community is beautiful and so helpful. People are starting to monetize their land and I see this building Decentraland as well.”

Unlike other games, Decentraland’s digital tokens are Ethereum based and thus have intrinsic worth which is transferable to the real world. 

What is Decentraland?

Decentraland is a user-owned, Ethereum-based virtual world where you can play, explore, and interact with games and activities. You can also purchase parcels of land on which to build your own environments, marketplaces, and applications.

Publicly opened in January 2020, Decentraland is a virtual world that is owned by its users. It has three native tokens. 

  1. LAND, an ERC-721 (NFTs) token that represents parcels of digital land.
  2. Estate, an ERC-721 (NFTs) token that represents merged parcels of digital land. 
  3. MANA, an ERC-20 (Fungal tokens) token that serves as Decentraland’s currency. (1 MANA is US$0.6404)

You can create an avatar and roam this virtual world engaging in a number of activities buying and selling digital art, land, and names, all using digital tokens (MANA).

LEAVE A REPLY

Please enter your comment!
Please enter your name here