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.
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Who is Satoshi Nakamoto?
"Who is Satoshi Nakamoto?" is dedicated to the mysterious creation of Bitcoin, and acts as the showcase artwork within Javier Arrés’ exploratory series "Bitcoin, The Origin".
"Who is the creator of Bitcoin?"
The artist, Arrés, explores this question, and the feelings of doubt and mystery that accompany it, through his unique artistic language.
An unknown, an enigma. It should be remembered that the name Satoshi Nakamoto is a pseudonym of Bitcoin's author or authors and gives us little insight into its true creator.
For this Visual Toy, Arrés uses the signature claw machine, his famous half-operation, to symbolize our collective ignorance and unconfirmed belief: As soon as it has the stuffed animal within its grasp and appears to have solved the puzzle, the animal escapes again, and again.
At present, there are three more public and studied possibilities who are either believed to be the creators of the currency or who directly claim the creation of it. It may be all or none of them, yet these three personalities leave us clues which are an important part of this interesting enigma. For this moment, it will remain unknown...
In this artwork, Arrés elevates the claw machine from the apparatus, to an iconic pop art object serving as an important element to the Bitcoin creation narrative.
Action is everywhere, with each movement serving an iconographical or metaphorical purpose related directly to cryptocurrency: Various ups and downs, roller coasters, mining points, robot, coins and more speak to a sense of hope, risk, mystery, randomness and possibility of pay out.
Hundreds of manically thought out details make this creation one of the artist’s most complex Visual Toys to date.
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"Bitcoin, The Origin" is a set of two Visual Toys, titled "Who is Satoshi Nakamoto" and "It’s Alive!" which reflect and explore the mystery and enigmas behind the creation of Bitcoin.
Arrés presents these proposals to us in his signature style, full of iconography, fantasy, maniacal animations and a panoply of details (both subtle and overt) which simultaneously fascinate, hypnotize, and narrate this historical milestone through the singular vision of the artist. Through this series, Arrés freezes a crucial moment of cryptocurrency history, taking a still photo under his vision and turning it into two unique crypto artworks.
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More info about Javier Arrés: https://javierarres.com/about.html