This Company Spent $2.4 Million On Virtual Land That Doesn’t Physically Exist

You’ve heard about real estate companies, but have you heard of virtual real estate companies? Metaverse Group is a metaverse real estate company, which means that it specializes in real estate deals that take place, even though the locations being purchased are not in the physical realm. Yes, they deal with virtual land.

Metaverse Group calls itself “the world’s first virtual real estate company,” and has recently purchased a 5382 square foot plot of land that is located in Decentraland, a #d virtual reality platform. This has now set the record for sales of a property that is virtual and has no real physical location.

Decentraland is a realm in the metaverse where people can purchase land, create and visit parks, buildings, and also meet up with other people — in avatar form of course. Of course, none of this is a brand new concept. Many avid gamers will be the first to tell you that they have been paying real money for virtual items.

However, this is the first deal of its kind that involves such a massive investment by a company. Metaverse Group is confident that they will be able to make returns on their huge purchase.

Metaverse Group shares on its website: “We believe Ready Player One will be representative of the future of both business and real estate. And thus the creation of Metaverse Property to support the new frontier of virtual reality.”

CEO of Tokens.com, a subsidiary of Metaverse Group, Andrew Kiguel shared in a statement: “We are happy to make history by closing the largest public metaverse land acquisition to date. These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group.”

Metaverse Group’s global HQ is located in Crypto Valley, in Decentraland itself, of course. However, the company’s phone number’s area code is that of Ontario, Canada. The company describes itself as “first virtual real estate company in the world, offering exposure to the burgeoning industry of virtual land via the metaverses” that specializes in “virtual real estate.”

The land that was bought for $2.4 million will be used for hosting fashion shows and other e-commerce projects.

Head of content at Decentraland Foundation Sam Hamilton shared: “Fashion is the next massive area for growth in the metaverse. 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.”