Virtual real estate plot in blockchain based ‘Decentraland’ sells for $1 million as NFT

In a record virtual buy on Thursday, a piece of land in a blockchain-based world known as “Decentraland” was sold in the form of a Non-Fungible Token (NFT) for a whopping $ 900,000 (Rs 6 crore) that Decentraland shared Foundation on June 18. Decentraland’s virtual world concept was launched in 2017, where lots were around $ 20 apiece, which is now reported to be anywhere between $ 6,000 and more than $ 100,000.

On Friday, a US-based digital real estate mutual fund called Republic Realm, which has investors like Binance and Prosus, bought the 259 units, or “parcels” of land, representing approximately 66,304 virtual square meters (16 virtual acres), making it the largest decentralized land -Purchasing in terms of size. Justin Banon, co-founder of Boson Protocol, told Medium that the Boson has some incredibly ambitious plans for the country that will enable the “tokenized” trade that will enable businesses, organizations and customers to bridge the gap between digital decentralized technologies and the handover of physical goods during virtual trading.

The property sold by Decentraland on June 18 was purchased with the digital token MANA, Decentraland’s own cryptocurrency. It was estimated to be worth an estimated 1,295,000 MANA, which is roughly $ 913,228.2 for the virtual real estate company. Just a few weeks ago, a blockchain boson protocol acquired one of the Decentraland lots for over $ 700,000 in one of the largest dollar deals. Boson aims to build a free port that connects the metaverse and the physical world where trade and commerce would virtually thrive. The auction house recently opened a virtual London building in the Decentraland world on Sotheby’s NFT sale. According to a website that tracks NFT sales data, DappRadar, the purchase of the virtual property from Decentraland was the “most expensive” NFT deal to date.

The community leader of Decentraland is stunned by “rapid growth”

Community and events director for the Decentraland Foundation, the nonprofit that oversees the digital world, Sam Hamilton, told NBC in an interview that he had to “pinch himself” to see that Decentraland’s virtual community was like this quickly grew. In the online world of Decentraland you can create your own virtual avatar, interact digitally with others, host or participate in virtual live shows, concerts and art exhibitions and build houses on the digital property that look like the blockchain world.