A bit of “virtual” property was sold for almost 21 billion dong

A digital property investment company has established a new groundwork record for the most expensive piece of electronic land in the Decentraland’s metaverse after spending $913,000 on 259 lots.

A batch of virtual property in the Ethereum-established open-world game, Decentraland, has sold for over $913,000 — valuing the intangible asset on par with the median cost of a house in Brooklyn, New York.

Virtual property sold as an NFT named LAND in Decentraland, together with the digital parcel sold to virtual real estate-focused investment company, Republic Realm. The lot really represents 259 electronic parcels of property, with the trade settling for 1,295,000 Decentraland MANA tokens — worth roughly $913,000 in the time of sale.

On Twitter, the investment company highlighted Decentraland’s metaverse’s commitment to building on virtual property and adding value.

Decentraland allows players to explore the metaverse powered by cryptocurrency, offering an experience which resembles a mixture of Minecraft and Second Life but with actual possession of in-game things and in-game market. Game controlled by the participant.

Republic Realm is a branch of online investment system Republic, which has received backing from notable investors such as Binance, Galaxy Digital’s Galaxy Interactive and AngelList. The department accepts investments from accredited investors on an invitation-only basis.

On its site, Republic Realm says that “people are spending more and more time in the virtual world”.

“At the intersection of emerging technologies like virtual reality and blockchain, developers, investors and hobbyists are creating a vibrant digital real estate market.”

According to information supplied by NFT data aggregator, NonFungible, the sale is the biggest in Decentraland’s background concerning dollars, beating the approximately $704,000 transaction listed on May 28.

However, when measuring LAND trades by their cost in MANA, Republic Realm’s buy was the eighth largest trade in game history, using a digital parcel of property being sold for 2.7 million MANA. In November 2018 (about $211,000 in the time).

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