Investors have purchased a plot of virtual land on Decentraland for over a whopping US$900,000. According to DappRadar, which tracks NFT sales data, this is the most expensive NFT land sale in Decentraland’s history.
Republic Realm, a digital real estate investment fund, purchased 259 parcels of land (or 16 virtual acres) for 1,295,000 MANA, or about $913,228 at the time. This is also the biggest Decentraland purchase in terms of virtual size.
The company is owned by Republic, a U.S.-based investment platform, which has investors such as Binance and Prosus. “Republic Realm just closed on the largest land acquisition in @decentraland history!,” Republic Realm said in a tweet. “Our commitment to building and developing the metaverse is stronger than ever.”
Decentraland’s virtual land sale shoots up its ranking
Following the historic sale, Decentraland rose to the fourth position among the overall top NFT collections ranking. There was also an 862% increase in the total volume on the platform, according to DappRadar.
There are only 90,601 parcels of land on Decentraland, all of which have an owner. As a result, there is a strong interest in the metaverse, increasing the price for real estate. With the latest purchase, Decentraland has upped its game in the metaverse competition, which involves metaverses like The Sandbox and Somnium Space.
In the past couple of months, there has been a growing interest in virtual lands. Recently, auction house Sotheby’s launched a digital replica of its London gallery in Decentraland. Over 3,000 virtual visitors had taken part in Sotheby’s NFT artwork exhibition. Meanwhile, a patch of virtual real estate was sold for around $650,000 early this month on The Sandbox, Reuters reported.