Tokens.com Corp (NEO: COIN) announced this morning its purchase of Music District in Decentraland through its subsidiary Metaverse Group’s joint venture with investment fund 13th Floor Ventures.
The firm bought 34 parcels in the metaverse world, equivalent to 91,936 sq. ft. in physical real estate. The virtual district borders the so-called Festival Land that hosts live performances and the metaverse world’s center Genesis Plaza.
“We plan on developing this land to host movie premiers, music launches and concerts,” said CEO Andrew Kiguel. “We believe that music and fashion will be leading drivers of value in the Metaverse, thus the strategic importance of this acquisition.”
Although the company did not disclose the acquisition cost, the purchase is considered “one of the largest virtual land purchases of 2022 to date.” This follows Metaverse Group’s purchase last week of 40 digital real estate parcels in another metaverse world, SuperWorld.
In researching the sale, it appears the property was acquired for 272,000 MANA, presently valued at US$588,907. It should be noted however that the transaction was actually facilitated over a month ago, with the company taking possession of the asset on March 4, 2022. At the time of sale, the figure paid was the equivalent of $671,840.
The company also announced last week that it is working with real estate firm Inhouse Commercial to develop a metaverse counterpart of a Miami Beach commercial asset.
Metaverse Group is 50%-owned by Tokens.com through a US$1.7 million acquisition deal in October 2021. According to its website, the firm is a “vertically integrated real estate company focused on the metaverse economy.” True to its form, its global headquarters is located in Decentraland’s Crypto Valley – the virtual realm’s Silicon Valley counterpart.
In February 2022, the firm purchased 49 parcels within Decentraland’s Fashion District for 214,347 MANA–Decentraland’s official cryptocurrency. At the time, the purchase price was valued at US$685,910.40.
Tokens.com last traded at $0.81 on the NEO.
Information for this briefing was found via Sedar and the companies mentioned. The author has no securities or affiliations related to this organization. Not a recommendation to buy or sell. Always do additional research and consult a professional before purchasing a security. The author holds no licenses.