Blockchain-based auction house Portion.io made a seven-figure purchase for a Decentraland plot! The OG platform for art and collectibles acquired Portion District, located near Decentraland’s Genesis Plaza, for 425,000 MANA ($1.2 Million).
Portion.io Buys Decentraland Plot
Established in 2016, Portion.io has evolved into a 21st Century auction house for rare and high-end NFTs in the art, music and Collectibles scenes. So an estate within Decentraland, a 3D virtual world platform, will strengthen their Metaverse expansion.
The acquisition is also in line with their partnership with Publicis Sapient, a leading digital consulting company. The partners are working together to build experiences in the Metaverse. The scope includes allowing Publicis Sapient’s clients to extend their brands into Web 3.0. The rise of Portion District at the heart of Decentraland gives them a strategic advantage to build an immersive suite of services.
“We’re incredibly excited to acquire a premium district in the Decentraland ecosystem in the early stages of its development,” says Jason Rosenstein, CEO & Founder of Portion. He added:
“It’s a major step in our journey. It helps us begin tangibly building out on a vision we’ve been developing for quite some time. This allows us to effectively optimize proof of concepts for the growing pool of curious artists and brands merging themselves into the Metaverse.”*
*Quotes have been condensed for clarity
The Rise of Virtual Real Estate
Sales of real estate in the Metaverse exceeded $500 million last year and could double this year, according to investors and analytics. At first glance, the $1.2 Million selling price seems a lot. However, if the market continues to explode, it could come out as a bargain.
Furthermore, we are seeing innovations in the virtual real estate industry. For example, ONE Sotheby’s International Realty teamed with Voxel Architects and NFT Collector Gabe Sierra to launch the first-ever MetaReal Mansion. Basically, you can buy an actual mansion with a virtual counterpart in The Sandbox.
Even our publication, NFTEvening, recognizes the endless possibilities that come with owning a virtual land. As such, we decided to purchase a luxury villa NFT in the Exclusible Luxury District. Like Portion.io, we plan to use it to create exclusive metaverse experiences for our community. Firstly, we’ll be able to start hosting exclusive events in one of the most luxurious areas in the Metaverse! Then, our villa can also become a prime-time spot to socialize and interact like never before.
Portion allows artists and collectors to easily sell, invest and own art and collectibles with verified authenticity and tracked provenance. Since its inception, it has been a pro-creator platform. From taking 0% of artists’ work to offering 11% royalties on secondary sales, supporting creators is Portion’s mission.
As a result, it convinced celebrities including 2Chainz, WizKhalifa, Virgil Abloh, and well-known artists to make exclusive NFTs. Then, from February 7-11, Portion will be featuring an NFT exhibition dedicated to Black History Month. It shines the spotlight on a range of artists exploring Afrofuturism and alternate realities through a Black cultural lens.