This is why a plot of ‘virtual land’ just sold for an insane $2.4m

Is it just us or has Second Life truly entered the mainstream, without anyone talking about it? Yesterday, Decentraland, which runs an online environment (aka a metaverse), announced it had sold a plot of virtual land for some $2.4m USD. Yes, millions of dollars on the upscale equivalent of a part of someone else’s Minecraft server, with a few extra steps involved. Here’s the story.

Basically, Decentraland is a blockchain-backed online environment, where users can walk around, explore buildings, and chat with other uses. To buy stuff in Decentraland, users need to use a proprietary cryptocurrency called MANA, and their purchases exist as non-fungible tokens (NFTS). Yes, like those super crazy ‘Bored Ape’ images that have been fetching insane prices.

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Anyway, the crypto investor Tokens.com announced yesterday that it had bought a 116 parcel ‘estate’ in the ‘Fashion District’ of Decentraland, for 618,000 MANA (around $2.4m USD). The plan? Use the space to “facilitate fashion shows and commerce within the exploding digital fashion industry”. While it sounds like a dream, Tokens.com pointed to some major names that have already explored the NFT space, including Burberry, Gucci, and Lous Vuitton.

So yeah, to sum it up, a crypto investor dropped millions of dollars on a plot of virtual land, in the hopes that fashion brands will set up shop in their online space, and charge people to buy digital clothing from them. Ok, know how we said this is like Second Life? We’re revisiting that statement- this is Second Life meets Barbie Fashion Closet. Fun times!