Bigg Digital Sees Portfolio Company Acquire Decentraland Property In Private Transaction For Undisclosed Figure
Bigg Digital Assets (CSE: BIGG) is the latest firm to gain exposure to that of the metaverse known as Decentraland. The firm this morning revealed that its portfolio company TerraZero, whom it owns roughly a 33% stake in, has acquired a large parcel of land in the virtual world.
The land consists of 185 parcels, which was acquired for an undisclosed figure, but is claimed to have a value of US$2.8 million. The parcels were acquired via cash and shares of TerraZero, with the property acquired from Carl Fravel, whom is joining TerraZero as a strategic advisor. Fravel has served as an advisor to the metaverse since its launch in 2017, and is classified as being a “district leader” in the virtual world.
The company has indicated it currently intends to “build” a cityscape on the property, which is similar to that of a Universal Studios or Epcot. The property is intended to be a “premier entertainment destination” within the metaverse.
The total price paid for the property was not disclosed, with NonFungible.com’s recent sales history conducted on the platform not identifying any notable transactions over the course of the last 7 days.
The value ascribed to the transaction reportedly was based on an estimated average cost of US$15,000 per parcel.
It’s unclear what Bigg Digital’s ownership in TerraZero was diluted to following the issuance of shares by the portfolio firm as part of the acquisition.
Bigg Digital last traded at $0.77 on the CSE.
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