With a $900,000 price tag, this is the most expensive purchase for the popular virtual world so far
Yesterday, investors Republic Realm managed to close the most expensive land sale in Decentraland history. The deal included 259 parcels of land and was worth 1,295,000 MANA, or about $913,228.
Republic Realm is an online investment platform focused on real estate in both the physical world and the metaverse. The company is one of the first to offer professional management of a digital real estate portfolio. Purchasing Decentraland plots for so much money is probably a big part of their investment strategy. According to the company’s official Tweet announcing the purchase, as investors Republic Realm have a strong “commitment to building and developing the metaverse.”
Following the largest ever parcel sale, Decentraland’s metrics are off the charts. It has rapidly climbed to number four in the 24h overall top NFT collections ranking. Of course, the total volume passing through Decentraland’s contracts shows an 862% increase. DappRadar has been following Decentraland closely in recent days, as the volumes going through the virtual world have been increasing.
This is also the top NFT sale overall in the past 24 hours, according to DappRadar’s data. There were some CryptoPunks and Axies in the ranking; however, nothing comes even close to the amount paid for Decentraland parcels.
Decentraland is one of the biggest names in the virtual reality and metaverse world. Considering this, it is no surprise that Decentraland’s real estate attracts a lot of attention. However, a sale of this magnitude will make the metaverse head straight for the history books.
Republic Realm paid close to a million dollars for 259 plots, which makes the average price per plot around $3,800. This can be considered a bargain, compared to the average price of parcels sold in previous days, which ranged between $5,000 and $10,000.
Investors in Decentraland and other virtual worlds
One of the more alluring qualities of Decentraland is the fact that it’s already sold out. Investors are adamantly holding on to numerous plots, and selling them for higher prices because of the increasing demand. Other metaverses like The Sandbox and Somnium Space are still in their infancy, which means they have many unclaimed land plots up for grabs. The projects will have land sales in the future, increasing their supply. Furthermore, Cryptovoxels has never expressed a cap on their land supply, and ambitions to keep adding land parcels for years to come.
Decentraland consists of only 90,601 parcels, and all of them have an owner. This means that interest in the metaverse is strong, and prices for real estate there will continue to rise. If we look at the past 24h, The Sandbox attracted more traders and a higher number of sales. However, that was not enough to meet the $900,000 mark Decentraland set.
Looking at Decentraland’s other main competitor, Somnium Space, the differences become even more striking. Somnium Space only managed to secure one sale, worth about $13,000.
Decentraland is setting the tone in the metaverse competition with its latest results. Republic Realm’s purchase of 259 parcels is proof that interest in the virtual world continues to grow steadily, and real estate there is desirable.
The move into the metaverse isn’t only driven by blockchain fanatics. World-famous auction house Sotheby’s opened a replica of their London office inside Decentraland. Furthermore, Ibiza nightclub Amnesia will open a virtual club that will host parties. These moves into the metaverse don’t only happen in Decentraland. For example, companies like Atari, Gemini, Binance and Animoca Brands have all acquired land in The Sandbox.