22/06/2021 Virtual Real Estate Plot on 'Decentraland' Sells as NFT For Over Rs 6 Crores
A patch of virtual land in the blockchain-based online world Decentraland sold for more than $900,000 on Thursday, in a record purchase for the platform, the Decentraland Foundation said. In Decentraland, ownership of virtual land is bought and sold in the form of non-fungible tokens (NFTs). An NFT is a kind of crypto asset which records the ownership status of digital items on the blockchain. The buyer was an investment vehicle called Republic Realm, a digital real estate investment fund, the Decentraland Foundation said. Republic Realm is owned by Republic, a U.S.-based investment platform backed by investors including Binance and Prosus. It was the most expensive purchase of NFT land to date, according to DappRadar, a website that tracks NFT sales data.
Made up of 259 units or “parcels" of land, the plot of virtual real estate represents 66,304 virtual square metres (16 virtual acres), making it also the biggest Decentraland land purchase in terms of virtual size.
The purchase was made using MANA, Decentraland’s own cryptocurrency. The land cost 1,295,000 MANA, which was worth $913,228.2 at the time of sale.
Blockchain-based real estate in virtual worlds has surged in price as part of the NFT market frenzy which began in early 2021.
In virtual worlds such as Decentraland, people can display their NFT art collections, walk around with friends, visit buildings and attend events.
As part of a recent Sotheby’s NFT sale, the auction house opened a virtual replica of its London building within Decentraland and exhibited the NFT artworks there, attracting more than 3,000 virtual visitors. read more
In another blockchain-based virtual world, The Sandbox, a patch of virtual real estate sold for around $650,000 earlier this month, the site’s co-founder Sebastien Borget said.
Meanwhile, in Somnium Space, an estate which fetched $500,000 in March is still the record high, Somnium Space’s founder and Chief Executive Artur Sychov said.
Made up of 259 units or “parcels" of land, the plot of virtual real estate represents 66,304 virtual square metres (16 virtual acres), making it also the biggest Decentraland land purchase in terms of virtual size.
The purchase was made using MANA, Decentraland’s own cryptocurrency. The land cost 1,295,000 MANA, which was worth $913,228.2 at the time of sale.
Blockchain-based real estate in virtual worlds has surged in price as part of the NFT market frenzy which began in early 2021.
In virtual worlds such as Decentraland, people can display their NFT art collections, walk around with friends, visit buildings and attend events.
As part of a recent Sotheby’s NFT sale, the auction house opened a virtual replica of its London building within Decentraland and exhibited the NFT artworks there, attracting more than 3,000 virtual visitors. read more
In another blockchain-based virtual world, The Sandbox, a patch of virtual real estate sold for around $650,000 earlier this month, the site’s co-founder Sebastien Borget said.
Meanwhile, in Somnium Space, an estate which fetched $500,000 in March is still the record high, Somnium Space’s founder and Chief Executive Artur Sychov said.
Arts
(0)
(0)
Interesting NFTs
T(r)opical
Inspired by and for the 2018 North American Bitcoin conference in Miami, Florida. The palm tree that has a cracked open Bitcoin coconut suggests that by traveling you can enjoy this tropical digital fruit. The peacock nesting in the tree has spread its wings to flaunt other integrated crypto logos as well. The famous Miami skyline at the bottom incorporates the coins, as well as the code that is transforming the banking buildings that made it. The origin of that skyline is in the 80's cocaine craze, so it is all incorporated into the story of foundational transformation, linked to a global movement.
The file size is suitable for an 8K TV. Mr. Moe Levin, the founder of the conference is a collector a physical print of the work.
Explainer video: https://www.youtube.com/watch?v=2J0ZfPCJdxY&feature=emb_title
Upload resolution 8000x4000 PX at 300DPI
#75168
By
OthersideDeployer
Banksta
Pump, dump and bump Banksta to death. Demon or dead normal? Print fiat at will. What more do you want?
Mars House
Mars House is the first NFT digital house in the world. Upon purchase of Mars House NFT, 3D files will be sent to the new owner by Krista Kim Studio Inc. for file upload to the owner’s Metaverse. Technical support for Mars House integration on Metaverse is provided. (Architectural Digest, March 14, 2021) “Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing. Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment. So what makes the file a compelling purchase? Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology. Kim also has a strong visions the art being projected, as well. “Everyone should install an LED wall in their house for NFT art.” says the artist. “ This is the future, and Mars House demonstrates the beauty of that possibility.” The owner is in agreement to the following terms and conditions upon purchase of Mars House (hereby referred to as Mars House NFT): The collector agrees to own one copy of Mars House NFT on a single Metaverse platform. The collector is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio Inc. will provide technical support to upload and integrate Mars House NFT on a Metaverse platform. If/when Mars House is resold, the collector is required to delete all Mars House NFT 3D file(s) from his/her Metaverse, and provide verification of deletion to Krista Kim Studio Inc. before new 3D files are transferred to the new owner by the artist. The new owner is required to register Mars House NFT ownership with Krista Kim Studio Inc. Krista Kim Studio will send Mars House NFT 3D files directly to the new owner and provide support for Metaverse integration. This verified ownership transfer system will be appointed to Krista Kim Studio Inc. trusteeship, after 40 years of the date of the sale. Krista Kim Studio Inc. retains ownership of Mars House NFT copyright. All rights reserved. All reproductions of Mars House (NFT) in both digital and physical formats, are restricted. Mars House NFT physical furniture pieces, made of tempered printed glass in Italy, may be commissioned by the collector as NFT physical pieces.
#6368
By
OthersideDeployer