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Metaverse Real Estate: Canadian Firm Buys Virtual Land for $2.5 Million

The Metaverse is a concept where the users are going to be able to interact with brands, products, and other people in a 3D world modeled with VR technology. The two biggest companies that have jumped into this stage are Meta, formerly known as Facebook, and Microsoft. The recent surge of Metaverse has been introduced by the introduction of VR gadgets technology.

Developers are already at work for creating the entire Metaverse where businesses and users can come together to enjoy the new experience. Recently, a firm from Canada has purchased $2.5 million worth of digital land from the biggest contributor of Metaverse called Decentraland.

Canadian firm Tokens.com has also Invested in other Metaverse Projects

The Canadian firm that has bought the massive amount of digital estate from Decentraland is called Tokens.com. The same firm has also purchased the 50% stakes of the Metaverse Group for $1.68 million in October. The Metaverse Group is the party that has facilitated the purchase of Tokens.com. Metaverse Group is also planning to rent and sell more virtual estates to different business entities in the future.

The virtual land now owned by Tokens.com is spread on 11 parcels and has been paid for in full with 618,000 MANA tokens. MANA is the native token issued by Decentraland. It is interesting to note that the virtual land sold to Tokens.com is equal to 6,090 square feet. To develop a better understanding, it is worth noting that it makes up for 1.3 basketball fields.

Sam Hamilton is the Head of Content at the Decentraland Foundation. Speaking on the recent purchase, he claimed that the biggest fashion brands in the world would want to purchase or rent the fashion space for shopping and customer interaction before long. He made these remarks because Tokens.com has purchased a virtual space that is called the Fashion Street District.

However, technical experts opine that the worth of a digital land is going to be ascertained based on the amount of traffic that it is going to entertain. Metaverse Group has made many other digital spaces that are designed keeping in mind the specific nature of business entities. The top digital lands that are available for rent or sale are platforms like Somnium, The Sandbox, Cryptovoxels, and Upland.

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