A Canadian investment firm has paid $2.5 million for the purchase of another piece of virtual land in the Metaverse. Tokens.com is making significant financial investments in the digital environment known as the Metaverse.
Metaverse Virtual Land For $2.5 Million
The Canadian investment firm said that it had just spent $2.43 million in cryptocurrency for a piece of digital real estate. It is widely believed that this acquisition represents the single most costly transaction of its kind in the annals of the digital Metaverse.
Tokens.com, a business that focuses on decentralized finance (De-Fi) and a website that focuses on De-Fi, made the acquisition on Decentraland, a blockchain-based metaverse in which Bitcoin is used to customise avatars, acquire real estate, and connect with other users.
Tokens.com identifies the real estate as a “116 parcel estate in the heart of Decentraland’s Fashion Street sector.” The property has a total size of 6,090 square feet, which is equivalent to around 1.3 basketball courts.
This will be utilized to hold digital fashion shows and to broaden the e-commerce capabilities that fashion corporations now provide.
In addition, Tokens.com reportedly shelled out $1.68 million midway through the month of October in order to acquire a fifty percent stake in Metaverse Group. Metaverse Group not only buys and sells but also leases out virtual estate inside the virtual world platforms Cryptovoxels, The Sandbox, Upland, and Somnium.
Because there is an increasing desire for fashion firms to market digital things in the metaverse, the lots that have been bought are going to be erected in the Fashion Street region of Decentraland.
What exactly is the Tokens.com of Metaverse?
Tokens.com Corp is a publicly listed company that maintains a cryptocurrency portfolio that is mostly comprised of DeFi and NFT.
The company’s cryptocurrency holdings are “staked” in order to participate in a process that results in the acquisition of more tokens. In addition to this, it is the owner of Metaverse Group, which was one of the very first NFT-based virtual real estate blockchain businesses in the whole globe.
Through its expanding digital asset inventory, Tokens.com gives public market investors a simple and risk-free option to get exposure to cryptocurrencies that are linked to decentralized exchanges and network-based tokens (NFTs).
Additionally, Tokens.com, which invests in revenue-generating crypto and blockchain assets connected to Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and metaverse real estate, is thrilled to announce that the acquisition of a fifty percent stake in Metaverse Group has been finalized.
According to a recent analysis by Business Wire, “The Metaverse represents a sea shift in the approach that marketers and companies use to sell their wares. The similarities between physical and virtual real estate are striking. As more people assemble in these virtual cities, the land becomes more desirable as a result of its capacity to appeal to a different population on a worldwide scale.”
Tokens.com’s Chief Executive Officer, Andrew Kiguel, was quoted as saying that “Metaverse Group has the potential to become a big landlord and developer by using the same tactics utilized by physical real estate management.”
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One of the first companies of its kind in the world, Metaverse Group is a virtual NFT-based real estate firm that includes properties in renowned blockchain-based Metaverses such as Decentraland, Somnium Space, The Sandbox, Cryptovoxels, and Upland.
Construction of virtual properties, maintenance of such properties, and aid with marketing and promotion inside Metaverse are some of the other services offered by Metaverse Group.
Facebook’s Metaverse Token
It has been reported that Facebook will invest $50 million to build its Metaverse ecosystem. The company collectively believes that the Metaverse is “a set of virtual spaces where you can create and explore with other people who aren’t in the same physical space as you.” Facebook has publicly rebranded itself as Meta in line with its future plans for the Metaverse.
Tokens.com, a Canadian investment company that specializes in decentralized finance (DeFi), made an acquisition of roughly $2.5 million worth of virtual land on the platform Decentraland on Tuesday.
According to a press statement issued by the firm, Tokens.com made the purchase of 116 individual plots of virtual property for a combined sum of 618,000 MANA, the native currency of Decentraland. The business said that the acquisition was the single biggest transaction of its sort to have ever taken place.
Tokens.com acquired the property via the virtual real estate company Metaverse Group, which also provides customers with services related to the development of their clients’ virtual land. The purchase is the same as buying a piece of land that is 6,090 square feet in size, which is about similar to the size of 1.3 basketball courts.
Tokens.com spent $1.68 million to acquire a fifty percent ownership position in Metaverse Group towards the middle of October. In addition, Metaverse Group is in the business of buying, selling, and renting real estate inside the virtual worlds of Cryptovoxels, The Sandbox, Upland, and Somnium.
The properties that were acquired are located in the Fashion Street section of Decentraland, and they will be built to meet the rising need for fashion businesses to promote digital items in the metaverse.
Sam Hamilton, who serves as the Head of Content at the Decentraland Foundation, was quoted as saying in a statement that “Fashion is the next huge area for development in the metaverse.” As a result, the fact that Metaverse Group has made such a definitive commitment with this property acquisition in the heart of Decentraland’s fashion district is both extremely timely and very exciting.