A Canadian investment firm recently purchased a digital plot of land for nearly $2.5 million in cryptocurrency. The purchase was at a total of $2.43 million and is the biggest of its kind.
Tokens.com, which concentrate on decentralized finance (De-Fi), made the buy on Decentraland, a blockchain-based metaverse where cryptocurrency is spent to customize avatars, acquire real estate and interact with other members.
According to Tokens.com, the land is a “116 parcel estate in the heart of the Fashion Street district within Decentraland” and is equivalent to 6,090 square feet of land. It will be used to hold digital fashion shows and expand e-commerce services with fashion brands.
Meta is planning to invest $50 million to create its own metaverse that will be “a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.”