An investment company has bought EUR 2.2 million worth of virtual ‘land’ on the metaverse platform Decentraland. Users can buy plots there with crypto coins, which they can then sell again to make a profit if possible.
The investment company Tokens.com has bought a record number of 116 lots for a total of 618,000 ‘MANA’, the cryptocurrency created especially for the platform. One MANA currently costs about EUR 4.30. At the beginning of October it was still about 70 cents.
Each lot that users buy measures about 5 virtual square meters, but if they buy more lots next to each other, they can turn it into an estate. They can ‘arrange’ their purchased land the way they want to in order to stand out for other users. This makes buying plots both a direct investment and an investment in brand awareness.
Tokens.com wants to turn his estate into a virtual fashion empire. The company reports that it wants to facilitate fashion shows. Tokens.com wants to collaborate with popular fashion brands that will then be able to present their new products in the digital world on the estate purchased by the investment company. So it wants to become a ‘platform’ for fashion brands to advertise on.
Decentraland is not the only platform that lets users buy digital things with cryptocurrencies. Enjin’s MetaCity and The Sandbox do something similar. However, Decentraland was the first; the platform started way back in 2015. Only recently, after Facebook’s parent company changed its name to Meta, did MANA’s value rise and the platform become more well-known. However, it is not known how many users Decentraland currently has.