Metaverse: Virtual Real Estate Plot Sells for Record $2.4 Million in Decentraland

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A patch of virtual real estate in the online world Decentraland sold for a record $2.4 million (roughly Rs. 17 crore) worth of cryptocurrency, the buyer crypto investor and Decentraland said.

Decentraland is an online environment – also called a “metaverse” – where users can buy land, visit buildings, walk around, and meet people as avatars.

Such environments have grown in popularity this year, as the pandemic caused people to spend more time online.

Interest surged last month when Facebook changed its name to Meta to reflect its focus on developing virtual reality products for the metaverse.

Decentraland is a specific type of metaverse that uses blockchain. Land and other items in Decentraland are sold in the form of non-fungible tokens (NFTs), a kind of crypto asset.

Crypto enthusiasts buy land there as a speculative investment, using Decentraland’s cryptocurrency, MANA.

A subsidiary of, called the Metaverse Group, bought a patch of real estate for 618,000 MANA on Monday, which was around $2,428,740 (roughly Rs. 18 crore) at the time, a Decentraland spokesman and a statement by said.

Reuters also saw the land’s purchase recorded on the NFT marketplace OpenSea.

Decentraland said it was the most expensive purchase of a plot of virtual real estate on the platform.

The land is in the “Fashion Street” area of Decentraland’s map and said it would be used to host digital fashion events and sell virtual clothing for avatars.

It is made of 116 smaller parcels, measuring 52.5 square feet each, making the land 6,090 virtual square feet in size.

Andrew Kiguel, CEO of, said the assets would complement the real estate already held by Metaverse Group.

In June, a plot of virtual land in Decentraland sold for 1,295,000 MANA, worth $913,228 (roughly Rs. 6.7 crore) at the time. The buyers built a virtual shopping centre to sell digital clothing, but Reuters has visited this site multiple times since and not seen any shoppers.

MANA is highly volatile. It has gained around 400 percent this month according to Coinbase, spiking after Facebook’s name change.

© Thomson Reuters 2021


Gap Launches Its First NFT Collection on Tezos Blockchain

Gap Launches Its First NFT Collection on Tezos Blockchain

Gap, the global clothing brand, is making its first foray into the world of non-fungible tokens (NFTs) through a collaboration with New York-based artist Brandon Sines and open-source blockchain platform Tezos. Sines, the brains behind the cartoon Frank Ape, helped draw up the collection based on Gap’s signature hoodie. The digital collectibles come in four tiers based on pricing and availability: common, rare, epic, and one-of-a-kind. Buyers of the epic-level NFTs will also receive an exclusive physical Gap x Frank Ape hoodie while common, rare NFT buyers get a way to “unlock” the ability to purchase an epic NFT.

Gap’s common rarity NFTs will be available starting January 13 for two of Tezos’ native XTZ coin which is valued just under $9 or roughly Rs. 665, with rare-level NFTs going on sale on January 15 for XTZ 6 ($26 or roughly Rs. 1,922). Epic-level NFTs will follow on January 19 for XTZ 100 ($436 or roughly Rs. 32,234), while the single-edition ‘One of a Kind’ NFT will be auctioned off starting January 24.

Buyers of epic-level NFT will also receive an exclusive physical Gap x Frank Ape hoodie, and Gap Threads will have a gamification model which lets collectors of the common and rare NFTs “unlock” the ability to purchase an Epic rarity NFT.

The way this will work is customers will need to complete a collection of four common and two rare NFTs in order to create a “commemorative NFT,” which then “unlocks access to purchase a limited edition Epic NFT,” according to an announcement by Gap. Customers who purchase an epic NFT will be able to claim the physical hoodie co-designed by Brandon Sines, claims the announcement.

While this is Gap’s first push into the NFT space, it might not be the last. In a release, the company wrote that it “plans to learn more about how their customers want to engage in a digitally-led world.” The global clothes retailer currently has a creative partnership with Kanye West in place too which just aired its first TV advertisement.

Gap also chose to partner with Tezos due to the platform’s emphasis on a low carbon footprint. Crypto formats like NFTs have recently spurred outcry for producing high emissions, meaning Gap could safeguard itself from backlash by focussing on energy efficiency.

Interested in cryptocurrency? We discuss all things crypto with WazirX CEO Nischal Shetty and WeekendInvesting founder Alok Jain on Orbital, the Gadgets 360 podcast. Orbital is available on Apple Podcasts, Google Podcasts, Spotify, Amazon Music and wherever you get your podcasts.

Catch the latest from the Consumer Electronics Show on Gadgets 360, at our CES 2022 hub.