I spent $2.4M on a digital plot in Decentraland and its value went up 500%

DECENTRALAND is one of the hottest metaverse games out there and investors are cashing in on its digital real estate.

Andrew Kiguel is CEO of Tokens.com, and last year a subsidiary of his company — Metaverse Group — dropped a record-breaking $2.4M on land in the game.

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Speaking to CNBC, Kiguel says the price of digital real estate has skyrocketed by “400% to 500% in the last few months.”

Metaverse Group’s land comes in at 6,090 virtual square feet and is made up of 116 smaller parcels around 52.5 square feet each.

Located in Decentraland’s Fashion Street district, that’s home to brands like Gucci, Prada, Ralph Lauren, the land will play host to fashion shows and digital stores.

The plot was sold on NFT marketplace OpenSea for 618K MANA in November last year.

Decentraland’s MANA token was at an all time high of $5.41 in November, but has since plummeted to $3.

The land however, is still a very valuable commodity — especially near areas where players spawn into the game.

Decentraland’s plazas (effectively spawn points where players first drop in to the game) aren’t for sale, but the surrounding land is prime real estate.

High foot traffic means countless pairs of eyes on your brand, as well as increased opportunities for sales and marketing.

Owning land in the metaverse can also come with added benefits like additional NFTs.

The Sandbox’s play-to-earn component, for example, isn’t open to the public yet, but it raffles off the chance to participate (and earn) in closed alphas.

Land owners get one entry for every piece of land they own, leading to one lucky land-owner making $5,000 in just a few hours.

Cryptocurrency is a risky endeavour, as is investing in anything digital that can hypothetically have the plug pulled on it with no warning, taking your money with it.

So always do your own research and consider your financial situation before deciding to take the plunge.

You can also take a look at The Sun’s MANA 2022 price predictions, as well as our explainer on Decentraland vs The Sandbox vs Gala Games for more details on how the gaming aspects work.

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