Buys Additional Decentraland Metaverse Real Estate For $0.7 Million Corp (NEO: COIN) announced today its subsidiary, Metaverse Group, purchased additional virtual real estate property. The firm bought 49 parcels in the metaverse world Dencentraland.

Although the company did not disclose the acquisition cost, upon checking on NFT transactions on the virtual estate, the transaction is valued at 214,347 MANA–Decentraland’s official cryptocurrency. The purchase price is equivalent to US$685,910.40.

The virtual property is located within Decentraland’s Fashion District and is contiguous to the firm’s previously acquired 116-parcel digital land. The latter was paid for 618,000 MANA which was equivalent to US$2.52 million at the time. In terms of physical world terms, the 49-parcel estate is equivalent to 132,000 square feet. The two land acquisitions in the Fashion District are now approximately 450,000 square feet in total.

This is on top of the firm’s three-parcel acquisition of The Gen Estate, located in one of Decentraland’s transit centres. The transaction was fulfilled with an undisclosed equity amount.

Metaverse Group is 50%-owned by 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.

The virtual world Decentraland is gearing up to be the up-and-coming “real estate” in the metaverse world. Each property functions as a non-fungible token that can be bought based on the valuation of the crypto asset MANA. But soon, the properties bought may be rented out just like how the firm plans to do with its properties.

“This purchase makes us the largest owner of contiguous property in the Fashion District,” aside CEO Andrew Kiguel. “This is inline with our vision of building the marquee shopping area in the Metaverse to attract retailers and visitors.”

While the debate on whether the virtual world is a game or a digital asset still persists, many brands and organizations have been looking into creating their virtual counterparts in the metaverse world. In December 2021, Barbados announced its plans to open a diplomatic embassy in Decentraland for roughly US$5,000 – US$50,000 to be funded by a grant. last traded at $1.67 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.

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