Patrick is an accounting & economics graduate, a Cryptocurrency enthusiast, and a Blockchain technology fanatic. When not crafting informative pieces on any of the above subjects, he will be researching on how the Blockchain technology can transform the world, particularly the financial space.
Decentraland made an all-time high sale of $913K. Republican Realm became the new owner of the digital land.
Decentraland, a virtual land asset typically sold as a non-fungible token (NFT) real estate, has fetched north of $913K. The virtual land was purchased with MANA, a digital coin. When converted to MANA, $913K is roughly 1,295,000. To date, the deal is the highest for any virtual land sale, dollarwise. However, past sales involving a higher amount of MANA have been done, though the digital coin was less valuable as compared to now. The record sale of 2,772,000 MANA was executed in November 2018, and it was worth short of $211,000 then.
What Is an NFT?
An NFT acts just like a land title deed, but this time it plays the part of a deed or proof of ownership to digital assets. Typically, the NFT is tokenized, via Blockchain, to enhance authentication. NFTs are used for different scenarios and for many things from tweets, to images, and even video clips. When you come to the crypto-based gaming world, NFTs have a higher utility and can be used as customizable plots of land, gaming items, digital playable cards, and even high-quality rare character designs.
About the Buyer of Real Estate NFT
A popular online investor Republic Realm has been linked to the record-breaking purchase. The company has its origins from Republic, another digital investment platform whose clients are the likes of Galaxy Interactive and AngelList, Binance is also a major client. Following the record-breaking purchase, the company is yet to disclose how it intends to use the new investment- the Decentraland Estate. Decentraland’s location can be found in the game’s district known as “The Dragon Kingdom”.
Republic Realm said, via a tweet, that they can’t wait to announce their future plans regarding the virtual estate. The company further added that its commitment to build and develop Metaverse was at an all-time high.
Decentraland is a game that allows players to explore the world freely, and interact as they compete (via gaming) within the closed environment. The Metaverse game is more like an infusion of Second Life with the blocky sensation, Minecraft, although with item ownership and a player-propelled environment. In the world of Blockchain-based virtual land games, Decentraland is not a new phenomenon though. Axie Infinity and Sandbox are the pioneers.
Both games are Ethereum-based and brought in millions of dollars to their developers who sold them as virtual real estates. The only difference is that Decentraland broke a recently established virtual estate sale record. Earlier in the month, Boson, a blockchain protocol, revealed that it had acquired a Decentraland Estate worth $704,000 in Vegas city, a gaming district. Boson plans to advertise its products via a virtual mall it intends to put up.