Tokens.com Buys USD 2.8M Worth of Virtual Land in Upcoming Fashion District
Tokens.com, a publicly-traded company that invests in revenue-generating digital assets, has acquired 116 parcels of virtual land within Decentraland's metaverse, which is reportedly the largest metaverse land acquisition to date.
Each parcel corresponds to 52.5 square feet of virtual land, making the acquisition equivalent to a total of 6,090 square feet.
The company paid MANA 618,000 (over USD 2.8m at current rates) to acquire the estate, which is in the heart of Decentraland's Fashion Street, an area said to be poised to become a fashion and e-commerce hub within the upcoming digital era.
“Fashion is the next massive area for growth in the metaverse,” Sam Hamilton, head of content at Decentraland, was quoted saying. “So it’s timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”
Metaverse Group, a subsidiary of Tokens.com, has completed the acquisition and aims to ink partnerships with fashion brands that are interested in promoting their e-commerce offerings within the metaverse.
Arguably, luxury brands can largely benefit from virtual universes where they can promote their physical brands and offerings or even provide entirely virtual items, which explains why they are heavily investing in the space.
Earlier this year, Gucci held a virtual fashion installation called 'Gucci Garden Experience' as part of a collaboration with Roblox, a platform that enables users to develop 3D games and spaces. At the event, an exclusive digital Gucci bag sold for Robux 350,000 (USD 4,000).
Similarly, giant sportswear company Nike recently unveiled Nikeland, a 3D virtual space where fans can connect, create, share experiences, and compete. There will also be a digital showroom where users can outfit their avatars with special, virtual Nike products.
Meanwhile, Decentraland's native token MANA has pumped in price following the deal. At 12:37 UTC, MANA is trading at USD 5.22 per coin, up by 24.3% over the last 24 hours, as well as nearly 60% over the week, according to data by CoinGecko.
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