A Metaverse Mogul Is Ready To Make His Move After Buying $2 million in Virtual Land

The metaverse mogul behind a record investment in virtual land is about to start development.

Tokens.com paid more than $2 million for space in Decentraland, one of several burgeoning platforms in the metaverse, in November of last year.

In an interview, Tokens.com co-founder and CEO Andrew Kiguel said, “several big names are about to be part of an online fashion show” on the virtual plot. Kiguel said fashion labels Tommy Hilfiger, Cavalli, Elie Saab, Dolce & Gabbana, Etro and fragrance company Paco Rabanne have all signed up to participate starting March 24. The show will run over three days. There will also be several big name DJs and an after party sponsored by Mercedes-Benz.

Kiguel describes Decentraland, one of the platforms his company is focused on, as a different kind of NFT, or nonfungible token. Anyone can buy virtual land on the platform. In the case of Decentraland, you have to use a form of digital currency called MANNA, which can be purchased only with Bitcoin or Ethereum. 

Users can then go to the site to see what’s for sale.The parcels have been purchased already, but many are available secondhand. The price fluctuates just like real estate in the physical world.

As for Kiguel’s November purchase of land in Decentraland, his team follows transactions there closely. They knew who owned what, and they knew where they wanted to buy. The transaction was registered on a blockchain, which acts as a digital deed in the metaverse. 

There isn’t infinite space on metaverse platforms. Worlds have beginnings and endings. Kiguel likens it to a Monopoly board. 

To read the full story visit: https://www.cnbc.com/2022/02/25/tokenscom-ceo-buys-2-million-worth-of-land-in-decentraland.html?mkt_tok=ODUwLVRBQS01MTEAAAGC32pkdLie6x5HKbAkR5jszo89rufOInfSfWbmjxapCoN8m8q1SfMLUERSoHalo_tbhAg2xnBfLsCWbhNlAfjM8oqOws0HAG8iwzabt2UZz37m

Source: Jason Gewirtz, CNBC