Sold For $2.4 Million; How Metaverse Real Estate Is Selling Fast
Crypto Basics

Sold For $2.4 Million; How Metaverse Real Estate Is Selling Fast

A plot in Decentraland has been sold for $2.4 million! Does that make virtual properties as valuable as real-world properties? Learn more!

Sold For $2.4 Million; How Metaverse Real Estate Is Selling Fast

Table of Contents

Just when the world was beginning to understand the concept of NFTs (non-fungible tokens) and how they work, blockchain technology bombarded it with another mind-blowing product. The concept of a metaverse deals with the existence of a virtual world that includes building and social experiences like never before.

Just recently when Facebook shook the entire world with its announcement of rebranding its parent company name, the organic search volume of the words “meta” and “metaverse” grew rapidly. This resulted in many people finally understanding the core concept of the metaverse. However, if you’re still unsure of what it is, let us help you.

We always dreamt of a virtual world where we were allowed to perform activities without the limitation of our worldly body movements. Metaverse is just that. It consists of a virtual world with real-world users having individual digital identities (in the form of avatars) that can be edited whenever you want.

After the initial hype of several metaverse projects, their fame started to dry out. Just when it was all going down, the crypto community was shaken by the latest news that has boggled the minds of many large-scale investors. Let’s dive deep into what actually happened!

What Is Decentraland?

For all the non-technical and non-nerdy crypto lovers out there, Decentraland is nothing but a platform that provides you with a virtual world and an avatar. Consider playing Sims but with the option of earning money with the virtual-world tasks in real life.
The motive of Decentraland (MANA) is to develop a densely-populated metaverse that consists of a variety of real estate options that are quite expensive in the real world. 

You can explore different pieces of land, perform several gaming and lifestyle activities, and live the lifestyle that you have always wanted. This and a lot more is now possible with just the creation of an avatar and connection of your Ethereum wallet.

Decentraland and Its Record-Breaking Sale

November 23rd, when the crypto markets were struggling with the decline in value of Bitcoin and altcoins, the metaverse project brought in great news! 

Since MANA provides its users with a virtual world that consists of various pieces of land that are still unsold due to the lack of buyers, trading such assets in the digital space is still a relatively new idea. However, just recently, a patch of virtual real estate in the metaverse was sold for a record $2.4 million.

This is why the blockchain-backed metaverse, Decentraland, caught the attention of industry-leading investors who have been looking for interesting investment options in the metaverse category.

Decentraland & The Role of Metaverse

Cryptocurrencies have existed for quite some time now. With similar ideas and milestones listed in their roadmaps, many projects managed to have over a $10 billion market cap. However, the importance of innovation and uniqueness still holds key importance in the crypto market.

For this reason, metaverse-related coins have flown off the price charts and have provided unbelievably massive amounts of profits to the early settlers. The healthy mixture of virtual reality and real-world utility has developed an opportunity for the existence of a photorealistic virtual world that will have proper activities to keep the customers busy on the platform and allow many businesses to get more exposure.

Although the future is still hazy, it’s a no-brainer that MANA’s role is essential in the metaverse industry in the years to come.

What Does the Future Entail After This?

Irrespective of the world’s economic conditions, this news has truly shaken the entire trading market and has piqued the investors’ interest in NFT trading. Twitter spaces are full of people discussing various metaverse projects, communicating the differences between them, and analyzing which requires a substantial amount of funds to kickstart its campaign.

There is no denying the fact that this real estate deal can push the metaverse projects to the next level. Since MANA is considered one of the industry leaders in the metaverse niche due to its first-mover advantage, it has managed to attract many investors. According to blockchain experts, MANA is currently dominating the metaverse sector along with SAND, a fact that is reflected in their market capitalization and trading volume.
This article contains links to third-party websites or other content for information purposes only (“Third-Party Sites”). The Third-Party Sites are not under the control of CoinMarketCap, and CoinMarketCap is not responsible for the content of any Third-Party Site, including without limitation any link contained in a Third-Party Site, or any changes or updates to a Third-Party Site. CoinMarketCap is providing these links to you only as a convenience, and the inclusion of any link does not imply endorsement, approval or recommendation by CoinMarketCap of the site or any association with its operators. This article is intended to be used and must be used for informational purposes only. It is important to do your own research and analysis before making any material decisions related to any of the products or services described. This article is not intended as, and shall not be construed as, financial advice. The views and opinions expressed in this article are the author’s [company’s] own and do not necessarily reflect those of CoinMarketCap. CoinMarketCap is not responsible for the success or authenticity of any project, we aim to act as a neutral informational resource for end-users.