Someone has bought a virtual “land” for $ 2.4 million

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This is yet another example of virtual goods that are sold to sky-high prices For no understandable reason: An investment firm just paid roughly $ 2.4 million on a giant parcel of … virtual land. Isn’t the future wonderful ?!

On November 23, the Canadian investment firm ad that he had bought 116 parcels of virtual land from a company called Decentraland, which It is described herself as “the first virtual world [que es] property of its users ”. It may sound almost identical to the virtual worlds of yesteryear, specifically something like Second life, But do not be fooled. The company He says that “unlike other virtual worlds like Second Life, this is not controlled by a centralized organization or company.” Okay, whatever you guys say.

The investment in was 618,000 MANA, the Etherium-based token (or virtual currency) that Decentraland uses as currency within its world. If we take that into US dollars, the company spent exactly $ 2,428,740 on the transaction, which Token says is the largest transaction “of its kind” to date.

For that huge amount of money, the company obtained 116 “parcels” of virtual land, which is equivalent to approximately 656 square meters of land, slightly larger than the size of an average basketball court. For reference, while the prices of land parcels in real life vary greatly depending on the region in which they are located, in the United States for example, some estimates put the average price per square meter at around $ 1,350, which means that the real-world equivalent of this purchase would have cost around $ 760,000, instead of $ 2.4 million in the virtual world.

But these are not just any parcels, according to the statement. This lot of land is right “in the heart of the Fashion Street district” within Decentraland, and “will be developed to facilitate fashion shows and commerce within the booming digital fashion industry.”

In other words, this parcel of land the size of little more than a basketball court will be turned into a shopping mall or digital mall, at a time when real-world shopping malls and retail locations across the country will be is it so crumbling, thanks in large part to the rise of e-commerce driven due to the covid-19 pandemic. Meanwhile, the main brands are betting on the trend of the NFT, with including some like Gucci, Burberry and Louis Vutton launching its own non-expendable products (NFTs) in recent months. It was only a matter of time before someone launched a digital fashion district full of digital malls to showcase these designs.

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