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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Interesting NFTs
Block Chain Dungeon
Once upon a time...
a little boy named Leo loved to paint, draw and experiment. He also loved to play with blocks and chains, which drew him again and again into the rooms of his friends Michel and Angelo. Often they also met in virtual rooms of Cryptovoxels, Decentraland, Somnium Space or Sandbox to create new inventions, read books about new technologies, or just swing the brushes. But on this day something gigantic happened. A good friend of Leo came to visit and brought his girlfriend Mona, who wanted a piece of Leo's art on her skin. This was the birth of the NFT's, as Leo developed Non Fungible Tattoos in the Block Chain Dungeon of Michel and Angelo. From that day on people from all over the world came to get NFT's from Leo or one of his students, like "Skeenee the rat", who controls the NFT machine with his laptop. A new age began.
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By
OthersideDeployer
CryptoKitties
Sup playa! I'm Kitty #454209. My friends describe me as petulant and annoying. I was voted biggest teacher's pet in college. I hope you like kitten around as much as I do!
Genesis
José Delbo sent me his striking pencil sketch and powerful inked work, which I then interpreted in oil on canvas. I wanted to create a very painterly piece with obvious brush marks etc, but I was also aiming for a nostalgic feel, a kind of 1980’s superhero comic book look, the kind I grew up with. My goal with this animation was to try to recreate, in part, the creative process that both artists went through with the visual information I had. I was able to showcase my painting process more accurately as I could take photographs of my progress throughout. Consecutive images could then be layered like brush strokes over José’s drawing to create the impression that this was one continuous artwork from pencil, to ink, to completed painting. The representation of the line sketch at the beginning, then pencil/ink and lastly the paint layers being applied demonstrate both artists’ struggle for the right lines, tone, form, and colour until the work is finally completed. As the oil was still wet with each photograph the glare of my studio lights can be seen in the brush strokes. Eventually, the figure emerges and as it does, our hero comes to life, looking directly at the viewer -- but is he grimacing in approval or disgust? We will never know for sure as just before he can say anything, white paint is brushed across the canvas entirely and the process begins again. Only the bat is quick enough to escape.
The Harvest
An anthropomorphic figure stands, wide eyed, staring at the viewer; its body masculine, muscular, and humanoid. Its “mind” dissociates into a conglomerate of structures resembling feathers, grain, teeth–as well as a radial flower “node”, casting linear rays throughout the composition.
To his left, a vat of bodies gesture and writhe in a kind of amniotic soup, attended by a video game robot. The bot's red display reads “uWu”.
Behind the robot and filling the left side of the composition is an archaic figure composed of a variety of vintage objects and symbols. Among them are a hardbound book with ancient cuneiform scripts, indicating barley, beer, bread, ox, house, and sky, behind which is a grimacing, salivating jagged toothed maw; and an old Commodore floppy drive. The figure’s head tilts toward an illuminated crescent moon, suggesting the Egyptian Sacred Bull.
The archaic figure is composed of a variety of mutating cells, which shift in color, and pattern; eventually breaking free into an ephemeral broadcast of bubbles which move across the background.
The work came into being against a psychological introspection, which included associations to pop culture such as alien abduction and pod people, as well as quite a bit of reflection on grains as a symbol of civilization, agriculture, sustenance, life, and imbibing (mainly whiskies).