A virtual real estate parcel located in the Ethereum-based open-world game, Decentraland, has sold for over $913,000 - valuing the intangible property on par with the average price of a real home in Brooklyn, New York.
Virtual real estate is sold in the form of non-convertible tokens (NFTs) called LAND in Decentraland, and the digital parcel is sold to Republic Realm, a virtual real estate company. The plot of land actually represents 259 parcels of digital land, and the deal includes Decentraland's 1295,000 native MANA tokens - valued at approximately $913,000 at the time of sale.
Decentraland allows players to explore its cryptocurrency-powered metaverse, offering an experience similar to a combination of Minecraft and Second Life, but with real in-game item ownership and a player-based in-game economy.
Republic Realm is a division of Republic's online investment platform that has received support from well-known investors including Binance, Galaxy Digital Galaxy Interactive and AngelList. The vertical accepts investments from accredited investors on an invitation-only basis, limiting its backers to 99 entities.
