A Real Estate Virtual Plot In Ethereum-based Game Decentraland Has Been Sold For Over $913K

An investment company regarding virtual real estate has created a record as a new platform, becoming the most expensive digital plot of land in the metaverse of Decentraland following its sale of 259 parcels for $913,000. Decentraland, a virtual landscape of real estate existing within an open-world game based on Ethereum, has sold the property charging an average price charged on the house in the real world city Brooklyn, New York.

Digital Land dubbed on Non-fungible tokens (NFTs) is the means for selling virtual real estate in Decentraland. The digital plot is purchased by the investment firm named Republic Realm, which is focused on selling virtual real estate. Indeed digital land’s 259 parcels are represented by the plot, which has the transaction settling of 1,295,000 MANA tokens being native in Decentraland, valuing approximately $913,000 at the time of its sale.

The commitment to investing in developing virtual real estate has been emphasized by Republic Realm to add worth to the metaverse of Decentraland. The players are allowed to explore the Decentraland’s metaverse powered by crypto as it offers an experience similar to a blend of Second Life and Minecraft but only by having true ownership over the in-game economy and the items which are player-driven.

Republic Realm is a branch of Republic (a platform for online investment) that is backed by popular investors, including AngelList, Galaxy Interactive by Galaxy Digital, and Binance. It has limited its backers to 99, and accredited investors are allowed to invest in this branch only in the case of invitation. Republic Realms mentions on the Twitter website by asserting that a significantly increasing time is being spent by the people in the virtual worlds. It expressed that the company is going to be the largest acquisition of land in the Decentraland. It is further stated that people such as hobbyists, investors, and developers are simultaneously developing a large market of digital real estate with the assistance of the latest emerging technology of blockchain and virtual reality.

Decentraland has been ranked fourth-biggest project of NFT in the volume of weekly sales with a worth of $1.3 million of NFT transactions done toward 335 traders in the recent seven days. Overall the rank of Decentraland is sixth in all-time volume for making transactions of $64.6 million to nearly 126,000 traders.