Real Estate

Real Estate Investor Scoops Up Land In Virtual World For Nearly $1M

Republic Realm bought 259 units of land in Decentraland, a crypto-based virtual world. At the time it was purchased, it was worth $913,228.

A plot of land sold in the virtual world of Decentraland for just under $1 million, Reuters reported

Founded in 2017, Decentraland is a multiplayer, crypto-based virtual world. Most of the things in the virtual world, like land and art, are non-fungible tokens (NFTs).

According to the report, 259 units of land on the platform were bought for 1,295,000 MANA, Decentraland’s cryptocurrency. At the time, the price translated to $913,228.2.

The land was bought by the digital real estate fund, Republic Realm, and set the record for the most expensive NFT land purchase, per Reuters. 

But Republic Realm is not the only one making a splash in the word of virtual.

Earlier this month, Sotheby’s launched a virtual gallery on Decentraland. According to a release by Decentraland, the gallery is a replica of Sotheby’s New Bond Street galleries in London and showcases things like an intelligent NFT that learns as you speak to it.

“We see spaces like Decentraland as the next frontier for digital art where artists, collectors and viewers alike can engage with one another from anywhere in the world and showcase art that is fundamentally scarce and unique, but accessible to anyone for viewing. We are having fun exploring new facets of the digital art world through our collaboration with the Decentraland community,” specialist and Head of Sales at Sotheby’s, Michael Bouhanna, was quoted saying in the release. 

According to Reuters, the virtual gallery has already attracted over 3,000 visitors.

Email Libertina Brandt

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