The Ethereum-based metaverse platform Decentraland, is the realm where a record price real estate transaction took place recently. Republic Realm, an investment firm focused on digital real estate, is the buyer of the virtual plot, paying over $913,000 worth of MANA
Being the proprietor of a “parcel” or virtual plot in Decentraland, allows you to create and develop anything you want, interacting with others through NFT trading over blockchain technology.
This LAND token as this type of NFT is called in the virtual platform was sold 1,295,000 MANA. The NonFungible.com market analysis blog reported this operation to be the highest-value ever for a LANDtoken to date in terms of US dollars.
Even if there were previous estate sales in MANA for above that nominal figure, the coin was much less valuable then.
Decentraland May be The Start of a Larger Trend
An NFT functions as a digital item’s deed of ownership, and it’s tokenized on a blockchain to easily be traced and verified. We know of several forms of NFTs appearing in the market lately, from still photos to video snippets, and even tweets.
Within crypto video game realms however, NFTs have added utility, they may be used to purchase in-game objects, obtain rare character designs, playable cards, or even customisable land plots.
Republic Realm is an internal division within Republic, an online investment platform that already counts AngelList, Binance, and Galaxy Interactive among its investors.
More Online Options for Blockchain Gaming
Decentraland, the 3D metaverse platform, is a bit like virtual world pioneer Second Life mixed with blocky sensation Minecraft. Of course the key differences are the blockchain-technology behind it and the decentralized player-driven economy.
Perhaps the most well known yet Decentraland isn’t the only blockchain-based metaverse selling virtual land marketed as NFTs. Also, The Sandbox and Axie Infinity, both built on Ethereum, have made millions of dollars selling their virtual real estate already.
Online worlds like Decentraland may also become social spots in the future, as more people use them. With the addition of VR technology, these platforms could grow into global spaces where people from all over the world conenct.
