Digital plot sells for $2.3 million, biggest real estate sale ever
The Metaverse group, a subsidiary of Tokens.com subsidiary, also purchased land on Decentraland, another blockchain platform for about 618,000 MANA, or about $2.4 million. Notably, this is higher than the prices of even the houses in major US cities.
November 26, 2021 / 12:29 PM IST
In sheer technology terms, the metaverse will demand data processing power and bandwidth at a scale that is difficult to imagine. (Illustration by Suneesh K.)
-based blockchain gaming Axie Infinity recently sold Genesis land plot for 550 ETH on its platform, which amounts to around $2.3 million. This is the largest amount anyone has ever paid for a singular piece of real estate. Earlier, almost $1.5 million were dished out for nine plots in Axie Infinity in February, making it the biggest NFT transaction at that time.
Keeping with the trend, the Metaverse group, a subsidiary of Tokens.com, also purchased land on Decentraland, another blockchain platform for about 618,000 MANA, or about $2.4 million. Notably, this is even higher than the prices of houses in major US cities.
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Metaverses, particularly real estate in this economy, is garnering great interest in recent times, with the crypto asset manager Grayscale reporting it to be having a revenue opportunity of $1 trillion over the years to come. Per the report, global crypto fundraising had reached $8.2 billion in the third quarter of 2021, with blockchain-based gaming startups having gathered a total of $1 billion during the same period.
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Subsequently, the associated cryptocurrencies also saw a steep rise in their value, with Decentraland's MANA token gaining 38 percent, Sandbox's SAND having risen 74 percent and Gala Games' GALA surging by 150 percent, according to Coinmarketcap.