Technology

I spent $2.4 million on a digital parcel of land in Decentraland and now its worth 5 times

DECENTRALAND is one of the hottest metaverse games out there and investors are monetizing its digital real estate.

Andrew Kiguel is the CEO of Tokens.com, and last year a subsidiary of his company – Metaverse Group – dropped a record $2.4 million in the game.

Decentraland digital real estate is being sought after by real estate agents and savvy investors

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Decentraland digital real estate is being sought after by real estate agents and savvy investorsCredit: Decentraland

Talking to CNBC, Kiguel said digital property prices have skyrocketed “400% to 500% over the past few months.”

Metaverse Group’s land covers 6,090 virtual square feet and is made up of 116 smaller lots, each measuring approximately 52.5 square feet.

Located in Decentraland’s Fashion Street district, home to brands like Gucci, Prada, and Ralph Lauren, the property will host fashion shows and digital boutiques.

The plot was sold on the NFT OpenSea marketplace for 618K MANA last November.

Decentraland’s MANA token was at an all-time high of $5.41 in November, but has since plummeted to $3.

However, land is still a very valuable commodity – especially near areas where players appear in the game.

Decentraland’s square (the effective spawn point where players first enter the game) is not for sale, but the surrounding land is prime real estate.

High traffic means loads of eyes on your brand, as well as increased sales and marketing opportunities.

Owning land in the metaverse can also come with additional benefits like additional NFTs.

For example, Sandbox’s play-for-money component isn’t open to the public yet, but it does offer the opportunity to participate (and earn) in closed alpha.

Land owners get one entry for every piece of land they own, leading to one lucky landowner earn $5,000 in just a few hours.

Cryptocurrencies are a risky endeavor, as is investing in anything digital that could hypothetically plug into it without warning, take your money with you.

So always do your own research and consider your financial situation before deciding to dive in.

You can also see The Sun’s MANA 2022 price prediction, as well as our explainer of Decentraland vs The Sandbox vs Gala Games for more details on how the gaming aspects work.

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https://www.thesun.ie/tech/8198641/decentraland-land-worth-five-times-what-i-paid/ I spent $2.4 million on a digital parcel of land in Decentraland and now its worth 5 times

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