Digital land in Decentraland sold for $913K to a virtual property developer
A virtual plot of real estate situated within Decentraland has sold for more than $913,000.
The virtual real estate is sold in the form of nonfungible tokens (NFTs) dubbed LAND in Decentraland, with the digital plot being sold to a virtual real estate-focussed investment firm, Republic Realm.
The plot represents 259 parcels of digital land, with the transaction settling for 1,295,000 MANA tokens, worth roughly $913,000 at the time of sale.
Republic Realm emphasized its commitment to building on virtual real estate and adding value to Decentraland’s metaverse.
Republic Realm just closed on the largest land acquisition in @decentraland history! We can't wait to announce our big plans for this estate.— Republic Realm (@joinrepublic_RE) June 17, 2021
Our commitment to building and developing the metaverse is stronger than ever. https://t.co/cIK9EdO660
Decentraland allows players to explore its crypto-powered metaverse, offering an experience akin to a blend between Minecraft and Second Life but with true ownership over in-game items and a player-driven in-game economy.
Republic Realm is a division of online investment platform Republic, which has secured backing from notable investors including Binance, Galaxy Digital’s Galaxy Interactive, and AngelList.
According to NonFungible, NFT data aggregator, the sale is the largest in the history of Decentraland in dollar terms, beating out a roughly $704,000 transaction that was recorded on May 28.