Company Spends $2.4 Million on Land That Does not physically Exist

A business that bills itself as “the world’s first virtual real estate corporation” has purchased a 500 square meter (5,382 square foot) block of land on the 3D virtual reality platform Decentraland, breaking the previous record for virtual property sales. Decentraland is a metaverse (a term you will hear a lot if the business previously known as Facebook is involved) where individuals can buy property, develop and visit buildings, parks, and meet up with their friends – or avatars thereof.

The concept of paying for virtual real estate is not new. For years, gamers have paid for virtual objects, such as in World of Warcraft. However, this is a significant investment for a corporation to undertake, and it appears that they believe they will be able to profit from it.

Company Spends $2.4 Million on Land That Does not physically Exist

The buyer, Metaverse Group, writes on their website, “We believe Ready Player One will be indicative of the future of both business and real estate.” “Thus, Metaverse Property was born to support the new frontier of virtual reality.”

In a statement, Andrew Kiguel, CEO of Tokens.com, a subsidiary of Metaverse Group, stated, “We are pleased to create history by concluding the largest public metaverse land transaction to date.” “These properties will be complementary to Metaverse Group’s current portfolio of metaverse real estate.”

Metaverse Group bills itself as the “first virtual real estate company in the world, offering exposure to the burgeoning industry of virtual land via the metaverses,” despite the fact that its global headquarters are in Crypto Valley, Decentraland, and its phone number area code is in Ontario, Canada. They provide “virtual real estate” for purchase and sale, as well as rents.

They want to utilize the $2.4 million they paid for the land to conduct fashion shows and other e-commerce activities. “The metaverse’s next huge development sector is fashion,” says the author “The Decentraland Foundation’s chief of content, Sam Hamilton, stated.”So it is both opportune and thrilling that Metaverse Group has made such a firm commitment to Decentraland’s fashion district with this property purchase.”