Patch of Virtual “Land” Has Been Sold for $2.4 Million in Cryptocurrency

A plot of virtual land in Decentraland has been bought for $2.4 million dollars worth of cryptocurrency on Monday.

Decentraland is an online metaverse landscape whose space and items are backed by the Ethereum blockchain. Users participate in this world by purchasing land and things as non-fungible tokens (NFTs) with Decentraland’s cryptocurrency MANA.

The Metaverse Group bought the virtual real estate in Decentraland for 618,000 MANA, which is worth $2,428,740. The land is located on a prime location in Decentraland’s world, in the “Fashion Street” section that users hope to turn into a hub for events and commerce. The space is broken down into 116 smaller subsections, each measuring 52.5 square feet.

The sale in Decentraland comes as an influx of excitement and speculation has been directed at the metaverse following Facebook’s rebranding into a metaverse-centered company.

A plot of land in Decentraland had previously sold for 1,295,000 MANA in June, which was then worth $913,228. The buyers had used the land to construct a virtual mall where they sold digital clothing as NFTs.

Metaverse experiences a rush of attention following Facebook’s rebrand to Meta

Facebook unveiled its plan to move past standard social media sites and into the realm of virtual reality with its “metaverse” platform during its Connect Conference last month.

The metaverse (or “Horizon Home,” in its personal version) involves users working, gaming, and communicating in a virtual world with the use of VR headsets.

Mark Zuckerberg, who has spearheaded the shift toward virtual reality, recently announced that the company would hire 10,000 skilled workers from the EU to help construct the metaverse platform.

First Zuckerberg began speaking about the Metaverse, the new virtual reality platform he is backing in order to create new ways to immerse users in a new experience. Getting yogurt with friends and family, shop, etc.

“We believe the metaverse will be the successor to the mobile internet. We will be able to express ourselves in completely new, joyful new ways,” he declared. When, he said, he shares photos of his children with his parents via the Metaverse, “They’re going to feel like they’re right there with us,” he enthused.

“When you’re in a meeting in the metaverse, you will feel like you are sharing the same space, not looking at disembodied faces.”

Going on to explain what this will be like, Zuckerberg said our experiences online will be “more natural” than they feel now, “Making the time we already spending online better,” he explained.

He told his audience that the new technology will allow “the deep feeling of presence” that is currently missing from our technology today.