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A piece of real-world land in the online blockchain-based Decentraland sold for more than $ 900,000 on Thursday, in a record acquisition of the platform, the Decentraland Foundation said.
In Decentraland, tangible land ownership is purchased and sold in the form of non-token tokens (NFTs). NFT is a type of crypto asset that records the state of digital assets in the blockchain.
The buyer was an investment vehicle called the Republic Realm, a digital real estate investment fund, the Decentraland Foundation said. The Republic Realm is governed by the Republic, an investment platform set up in the U.S. Sponsored by investors including Binance and Prosus.
It was the most expensive purchase of NFT land so far, according to DappRadar, a website that tracks NFT sales data.
Comprised of 259 units or “parcels” of land, the real estate structure displays 66,304 square meters (16 hectares), enabling Decentraland land acquisition in a larger size.
Purchases are made using MANA, Decentraland’s cryptocurrency itself. The country cost 1,295,000 MANA, which cost $ 913,228.2 at the time of sale.
Blockchain-based real estate in the real world has risen in price as part of a debate in the NFT market that began in early 2021.
In virtual worlds like Decentraland, people can show off their NFT art collections, hang out with friends, visit buildings and attend events.
As part of Sotheby’s recent NFT sale, the auction house unveiled a similar image of its London building within Decentraland and showcased NFT works of art there, attracting more than 3,000 visitors.
In another virtual blockchain-based country, Sandbox, a real estate clip sold for about $ 650,000 earlier this month, said site founder Sebastien Borget.
Meanwhile at Somnium Space, the $ 500,000 asset in March is at an all-time high, says Somnium Space founder and Chief Executive Officer Artur Sychov.
Today, NFTs do not needs any introduction as it has grounded their foot in every sector, and there are multiple articles based on NFTs working, the marketplace, and their involvement in real estate. The adoption of NFT Took the crypto space by storm, accelerated many businesses, and transformed into a better world.
The growing age of real estate is the rise of NFT or non-fungible tokens. The emergence of the NFT(Non-Fungible Token) development can change other industries and the real estate industry too.
For more, visit – https://blockchain.oodles.io/blog/collaboration-of-nft-with-real-estate/