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Virtual Property Developer Buys Digital Land in Decentraland for $913K

A virtual plot of real estate located within the Ethereum-based open-world game, Decentraland, was sold for over $913,000, which is about the average price of a real-world house in Brooklyn, New York.

Virtual real estate is sold in the form of NFTs, dubbed LAND in Decentraland. The digital plot was sold to the virtual real estate-focused investment company Republic Realm. The plot is made out of 259 parcels of digital land.

The transaction was worth 1,295,000 MANA tokens (the native token of Decentraland), which represents around $913,000 in real-life money.

The investment company tweeted its dedication to building on the virtual real estate and add more value to the metaverse of Decentraland.

Republic Realm states on its website that “people are spending increasingly more time in virtual worlds” and that “at the intersection of emerging technology like virtual reality and blockchain, developers, investors, and hobbyists alike are creating a vibrant digital real estate market.”

This was the largest sale in the history of Decentraland. The previous record was $704,000 and was established not so long ago, on May 28th.

Source: CoinTelegraph.com

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