Decentraland runs on the Ethereum blockchain.

The fury for the metaverse, the virtual world that Meta (ex Facebook) intends to promote as a new way of experiencing the internet, led to sell a parcel in a virtual city for a record $ 2.4 million in the MANA cryptocurrency.

According to the buyer himself, the crypto-asset investment company, this virtual land is located in Decentraland, one of the many digital spaces where users can acquire land, walk, visit buildings and communicate with others through avatars.

The lot consists of 116 plots, each measuring 4.9 square meters, for a total of 566 square meters. They are located in the district of Fashion Street and will be used to present digital fashion events and sell virtual outfits (skins) to decorate avatars.

This island, which gained popularity in recent weeks, could even become the first sovereign nation with a digital embassy in the metaverse.

Decentraland runs on the Ethereum blockchain.

Decentraland is characterized by using blockchain technology, a decentralized system of data blocks that serves as the foundation for bitcoin and many other cryptocurrencies.

There, virtual plots and other real estate assets are sold in the form of non-fungible tokens (NFT), which are digital assets not mutually interchangeable, so they are intended to have a collectible value. This year, for example, they reached exorbitant numbers in their price.

Decentraland: record investment

Investors in crypto projects, attracted by the growing interest in this nascent sector, buy land and virtual objects in Decentraland using their native cryptocurrency MANA, which is currently trading at about four dollars.

The aforementioned plot was bought this Monday by 618,000 MANA, equivalent to $ 2,428,740 for the time of acquisition. The transaction was confirmed on the NFT OpenSea marketplace.

Buying exceeded the one made in June to build a shopping center for 1,295,000 MANA. But since that cryptocurrency is very volatile: at the time of the operation it was equivalent to $ 913,228.

Exactly, the MANA grew 400% in a month, after Facebook announced its name change to Meta, which fits into the company’s plans to develop your own metaverse projects.

The origin of Decentraland

The Foundation, the organization behind the development of the software, was founded by Esteban Ordano and Ariel Meilich in 2015 and stands out for its decentralized nature.

“It is usual that other virtual worlds are operated by a central company, and all the land and all the content resides on their servers. So users run the risk that if the company goes out of business or decides to change the rules, they may lose everything. the content and the creations they built, “they said from the company.

Decentraland has 90 thousand parcels that measure 10m x 10m.

Decentraland has 90 thousand parcels that measure 10m x 10m.

The team held an Initial Coin Offering (ICO) in 2017 raising 86,206 ether (about $ 26 million at the time) to fund its future operations.

The Foundation, which retains 20% of the initial token offering, holds the intellectual property rights and is responsible for the maintenance of the website.

Before launching your platform, Decentraland launched a decentralized autonomous organization (DAO) to deliver project management to its users. Furthermore, the founding team claims that the private key that controlled Decentraland’s smart contract has been destroyed.


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