Metaverse Group acquires massive plot of land in Decentraland

 Metaverse Group acquires massive plot of land in Decentraland

A virtual plot of land in the online world of Decentraland has sold for $2.4 million worth of cryptocurrencies.

The 116 parcel estate, which is located in the heart of Decentraland's Fashion District, was acquired by Metaverse Group, a subsidiary of, a publicly-traded company that invests in revenue-generating assets linked to decentralized finance, non-fungible token, or NFTs, and metaverse real estate.

The virtual property is equivalent to a total of 6,090 square feet of land, with each parcel equal to 52.5 square feet, marking the largest metaverse acquisition to date. The acquisition was made on Monday for 618,000 MANA, an Ethereum based token used as a currency in Decentraland.

REGULATORY RIDDLE: Metaverse Group will collaborate with Decentraland to develop the estate for fashion shows and commerce. The company plans to establish partnerships with existing fashion brands to expand their e-commerce offerings within the metaverse.

Luxury brands that have entered the metaverse with designer NFTs include Gucci, Burberry and Louis Vuitton. Nike is going to release digital sneakers in its own virtual world called Nikeland. The metaverse has grown in popularity in recent weeks, and the sale comes at a time when it comes to the sale.

Both Roblox and Epic Games have announced plans to build their own metaverse. Chipotle opened a virtual restaurant in Roblox for a Halloween promotion.

Last month, Facebook CEO Mark Zuckerberg announced that the social media giant would dive deep into building the metaverse and has since changed its name to Meta. In December, Meta expects to invest in virtual and augmented reality to hurt the company's operating profit in the year 2021, as it transitions to the ticker symbol MVRS.

The company's fourth quarter earnings call was made by Disney CEO Bob Chapek, who said the entertainment giant could one day create its own metaverse.

Our efforts to date are merely a prologue to a time when we'll be able to connect the physical and digital worlds even more closely, allowing for storytelling without boundaries in our own Disney metaverse, Chapek said. We look forward to creating unparalleled opportunities for consumers to experience everything Disney has to offer across our products and platforms wherever they may be. Microsoft is working on building out a metaverse for office workers through its products, Teams. A new feature called Mesh for Teams will allow anyone to access meetings in the metaverse via smartphones, laptops and mixed-reality headsets. Mesh is expected to roll out to Teams' 250 million users in the firs half of 2022.