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Virtual land within metaverse sells for record $2.43 million

Metaverse Property buys, sells, develops and rents out properties within virtual reality worlds (Metaverse Property)
Metaverse Property buys, sells, develops and rents out properties within virtual reality worlds (Metaverse Property)

A 500-square-metre plot of virtual real estate has sold for $2.43 million, breaking the record for the largest ever metaverse land acquisition.

The purchase by the firm Metaverse Group is more than double the previous record for a sale of land or property within a virtual reality world. It follows recent announcements from Meta (formerly Facebook), Microsoft and Nike to focus on the metaverse – a computer-simulated space in which people work, play and interact as avatars.

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The Metaverse Group describes itself as “the world’s first virtual real estate company”, and focuses on buying, developing and selling real estate within the metaverse.

“We are happy to make history by closing the largest public metaverse land acquisition to date,” Metaverse Group CEO Andrew Kiguel said in a statement. “These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group.”

Promotional materials for the firm reference Ready Player One, a science fiction novel and film set in 2045 in which people spend significant portions of their lives within a virtual reality universe called OASIS (Ontologically Anthropocentric Sensory Immersive Simulation).

“We believe Ready Player One will be representative of the future of both business and real estate, and thus the creation of Metaverse Property to support the new frontier of virtual reality,” the company’s website states.

Decentraland is one of several VR platforms that Metaverse Property offers listings, which include commercial spaces, homes, hangout spots and art galleries to display digital NFT artwork.

A recent report about the current state of the metaverse described Decentraland as the most advanced in the blockchain universe, though the Ethereum blockchain network-based VR platform remains in the early adoption phase.

The latest plot of virtual real estate will be used to develop a space for hosting fashion shows and e-commerce in partnership with several as-yet unnamed brands.

“Fashion is the next massive area for growth in the metaverse,” said Sam Hamilton, head of content at the Decentraland Foundation.

“So it’s timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”

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