A Canadian investment business revealed Tuesday that it recently paid roughly $2.5 million in cryptocurrencies for a digital plot of land. The acquisition, valued at $2.43 million, is the most expensive of its sort in history. The company shared the news in a press release and the complete details can be found at this link.
Tokens.com, a decentralized finance (De-Fi) website, made the purchase on Decentraland, a blockchain-based metaverse where bitcoin is used to personalize avatars, purchase real estate, and communicate with other users. Tokens.com Corp is a publicly-traded company with a DeFi and NFT-based cryptocurrency portfolio.
Through a process known as staking, the company’s bitcoin inventory is used to obtain additional tokens. Metaverse Group, one of the first NFT-based virtual real estate blockchain businesses in the world, is also owned by it. Through its growing digital asset inventory, Tokens.com provides public market investors with an easy and secure option to gain exposure to cryptocurrencies related to DeFi and NFTs.
Tokens.com bought the land from Metaverse Group, a virtual real estate company that provides clients with virtual land development services. The acquisition is equal to 6,090 square feet of real land, which is around 1.3 basketball courts in size.
Tokens.com paid $1.68 million for a 50% stake in Metaverse Group in mid-October. In the virtual world platforms Cryptovoxels, The Sandbox, Upland, and Somnium, Metaverse Group also sells and rents virtual land.
Within the rapidly growing digital fashion business, Token.com says, the estate will be created to support fashion shows and trade. Metaverse Group also intends to form alliances with a number of established fashion brands that are trying to reach new consumers and grow their ecommerce services in the metaverse. Decentraland and Metaverse Group will work to curate fashion projects and events on the estate.
Andrew Kiguel, the CEO of the company said that “We are happy to make history by closing the largest public metaverse land acquisition to date. These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group. We are excited to have our subsidiary successfully close this landmark digital real estate transaction,”.
Facebook, which just changed its name to Meta, also plans to invest $50 million in developing its own metaverse, which will be a collection of virtual locations where you may create and explore with individuals who aren’t in the same physical space as you.