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In Our Dystopian Reality, a Plot of Virtual Land Was Sold For P122 Million

Reality is stranger than fiction. 
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We’re officially living in a dystopia. While we’re beginning to understand the appeal of cryptocurrencies and NFTs, we’re still wrapping our heads around this bizarre piece of news: a virtual plot of land in the digital world called Decentraland was sold for $2.43 million (P122 million). To put that into perspective, that’s more expensive than most homes in New York City and about the same price as a penthouse condo in Metro Manila. 

The plot of virtual land is “located” in Decentraland’s Fashion Street, occupying 6,090 virtual feet. The buyer of this pricey deal was Metaverse Group (no relation to Facebook), which is a subsidiary of Tokens.com. They paid in Mana, the cryptocurrency used in Decentraland, and the buyer hopes to turn the purchased “land” into a venue for digital fashion events. How entrepreneurial. 

What’s even crazier is that metaverse real estate is a growing trend. Before this $2.43 million sale, another plot of virtual land was sold for about $913,000 or P46 million.

Earlier this year, Atari’s head of blockchain division Frederic Chesnais predicted that online environments were going to be “very, very big,” and could soon sell for millions of dollars. That was in April, and in just a few months, the prediction proved true. Even Snoop Dogg is cashing in on digital real estate as he plans to build his own virtual mansion on his own virtual land. That sounds trippier than anything Snoop’s ever smoked. 

With the metaverse upon us, reality really has become stranger than fiction. 

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Anri Ichimura
Section Editor, Esquire Philippines
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