Virtual Reality Property Sells for $2.4 Million

A piece of virtual real estate recently sold for $2.4 million, claiming the record for most money spent on a virtual property for one week.

The virtual patch of real estate is located in Decentraland, which according to their website, is a decentralized virtual reality platform powered by the Ethereum blockchain. The virtual property is 6,090 virtual square feet and was purchased by Tokens.com.

According to Reuters, Tokens.com plans to host digital fashion events and sell virtual clothing at the virtual location because it is in the “Fashion Street” district of Decentraland.

The once record-setting purchase was paid for in a cryptocurrency known as MANA. Tokens.com spent 618,000 MANA on the parcel, which amounted to just over $2.4 million at the time of purchase. Cryptocurrency is known to fluctuate, but MANA has actually increased in value since the purchase.

Although it may seem unorthodox, virtual real estate is all the rage right now. Facebook recently changed its name to Meta to introduce the Metaverse, a virtual reality platform similar to Decentraland.

Virtual investors plan to create everything from museum exhibits to stores in virtual environments. A virtual artist named Beeple sold a collection of NFT artworks for a record-setting $69 million last March, and the new owner plans to create a virtual museum to showcase the work.

The purchase by Tokens.com has not been the only eye-catching transaction in the virtual real estate sector. Republic Realm actually broke the record recently with a $4.3 million purchase, and they also bought a virtual plot on Decentraland for $913,228.20 last June. Also, Axie Infinity sold one of their Genesis Land Plots for 550 ether or $2.3 million in late November. According to Grayscale, Facebook’s Metaverse represents a $1 trillion a year revenue opportunity.

The real estate industry is changing quickly, and agents must keep up with the new trends or risk getting left behind. Having this knowledge about virtual real estate is great for conversations at your next event or dinner, and it may lead you to some opportunities in the future. Who knows, maybe your next listing will be in virtual reality!

Learn more about virtual real estate:

Decentraland Website
Virtual real estate plot sells for record $2.4 million
A plot of virtual land that went for $4.3 million in The Sandbox is the most expensive metaverse property sale ever
Facebook changes its name to Meta
Metaverse property sales are accelerating as investors stake out virtual land in the potentially $1 trillion market

What are your thoughts on virtual realities and virtual real estate? Share with us below!

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