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Republic Realm, one of the real estate companies, has purchased virtual real estate from Decentraland. The purchase was done in the form of NFT. The real estate firm has purchased the land for the price of $913,000, which is worth the price of the real house in Brooklyn, New York.
There is explosive growth seen in the NFT marketplace. One of the best examples for it is the recent purchase of a virtual plot of real estate by investment firm Republic Realm. The firm has purchased the plot within the Ethereum-based open-world game, Decentraland. It was sold for the price of more than $913,000.
The value of the virtual property is at par with the average price of a real-world house in Brooklyn, New York. but this virtual plot has been sold in the form of the non-fungible token (NFTs). The plot has 259 parcels of digital land.
The real estate firm Republic Realm has settled the transaction for 1,295,000 of Decentraland’s native MANA tokens which is worth roughly $913,000 at the time of sale. The investment tweeted about this big purchase on its Twitter handle and emphasized its commitment towards building on the virtual real estate and adding value to the Decentraland’s metaverse.
What is Decentraland
Decentraland is an open ethereum-based world game platform that allows players to explore its crypto-powered metaverse. It offers an experience that is a blend between Minecraft and Second Life but with true ownership over in-game items and a player-driven in-game economy.
History of land sale
Republic Realm has got a big backing from investors like Binance, Galaxy Digital’s Galaxy Interactive, and AngelList. Republic Realm is a unit of online investment platform Republic. The division takes investments from accredited investors on an invitation-only basis, limiting its backers to 99 entities.
Having been interested in the NFTs for a long time now, Republic Realm believes that today people are spending more time online and with emerging technologies like virtual reality and blockchain, developers, investors, hobbyists are creating a vibrant digital real estate market.
As per the data by the NFT data aggregator, this sale is the largest in the history of the Decentraland in dollars. It has beaten a roughly $704,000 transaction which was recorded on May 28. But when the land trades prices are measured in MANA, Republic Realm’s buy comes to the eighth position in the game’s history. The one virtual plot has sold for 2.7 million MANA in 2018 which roughly amounts to $211,000 in 2018.
The Sandbox, another crypto gaming metaverse and a competitor to Republic Realm, purchased virtual land for $2 million. It was the largest sale of crypto powered digital real estate in history.
Ranking of NFT projects
Decentraland is ranked fourth-largest NFT project by Nonfungible. The rank is given by weekly sales volume, hosting $1.3 million worth of NFT transactions over 335 trades in the past seven days. It ranked sixth for all-time volume, hosting $64.6 million worth of trades over nearly 126,000 transactions.
In the ranking system, CryptoPunks presently dominates the NFTs ranking. It is estimated at roughly $4.15 million over 72 transactions in the past week and $356 million over its 13,749 all-times sales.
On the other hand, according to the NFT data aggregator, CryptoSlam, CryptoPunks is the fourth-largest NFT by weekly volume. It is lagging behind Axie Infinity who has purchased $23 million in transactions, NBA top shot’s $16.7 million in trade and Board Ape Yacht Club’s $7.3 million worth of weekly sales.
Steve Anderson is an Australian crypto enthusiast. He is a specialist in management and trading for over 5 years. Steve has worked as a crypto trader, he loves learning about decentralisation, understanding the true potential of the blockchain.
