A virtual real estate investment firm has a bought the most expensive digital land plot in Decentraland’s metaverse after spending $913,000 on 259 parcels thereby setting a new record on the platform.
A piece of virtual real estate in the Ethereum-based open world game Decentraland sold for more than $913,000, and its intangible assets were valued at the same price as the median real-world house in Brooklyn, New York.
The virtual real estate is sold in Decentraland in the form of a non-fungible token (NFT) called LAND, and the digital structure is sold to a virtual investment company focused on real estate.
The plot actually represents 259 pieces of digital land. The transaction was settled in Decentraland’s 1,295,000 native MANA tokens, and was worth approximately $913,000 at the time of sale.
On Twitter, the investment firm emphasized its commitment to building on virtual real estate and adding value to the metaverse of Decentraland.
“Republic Realm just closed on the largest land acquisition in @decentraland history! We can’t wait to announce our big plans for this estate.
Our commitment to building and developing the metaverse is stronger than ever. https://t.co/cIK9EdO660
— Republic Realm (@joinrepublic_RE) June 17, 2021
Decentraland allows players to explore its crypto-based metaverse, providing an experience similar to the intersection between Minecraft and Second Life, but with real game elements and player-driven in-game economy.
The republic realm is a division of the online investment platform Republic, supported by well-known investors, including Binance, Galaxy Digital’s Galaxy Interactive and AngelList.
The department restricts its sponsors to 99 entities only by invitation to accept investment from qualified investors.
On its website, Republic Realm stated that “people are spending more and more time in the virtual world” and added:
“At the intersection of emerging technology like virtual reality and blockchain, developers, investors, and hobbyists alike are creating a vibrant digital real estate market.”
According to data provided by NFT Data Aggregator, NonFungible, in dollar terms, is the largest in Decentraland history Sales exceeding the transaction value recorded on May 28 by approximately $704,000.
However, when LAND transactions are measured by the price in MANA, Republic Realm’s purchase volume ranks eighth- largest virtual package in the history of the game was sold for 2.7 million MANA during November 2018 (approximately US$211,000 at the time).
In February, the rival crypto game metaverse The Sandbox recorded virtual land sales worth about US$2 million, which was the largest encrypted digital real estate sales in history.
NonFungible ranks Decentraland as the fourth largest NFT by weekly sale volume. In the past 7 it has hosted NFT transactions that are worth 1.3 million U.S. dollars over 335 trades, Decentraland ranks sixth in transaction volume in history, with a transaction value of $64.6 million out of nearly 126,000 transactions.
Inventing NFT project CryptoPunks currently leads NonFungible’s rankings, driving roughly $4.15 million over 72 transactions last week, and $356 million over an all-time sales of 13,749.
Although, according to another NFT data aggregator CryptoSlam, CryptoPunks is the fourth largest NFT in weekly trading volume, second only to Axie Infinity’s $23 million in transaction volume, NBA Top Shot’s $16.7 million in trade volume, and Bored Ape Yacht Club $7.3 million per weekly sale volume.