$1.2 million plot of metaverse land sold as the ‘first digital gentrification’
Portion has recently purchased a $1.2 million plot of virtual land. The company’s CEO believes that the value and trends of properties in the metaverse resemble physical worlds.
The metaverse property deal was completed on January 27, with the company paying 425,000 MANA for the “Portion District” in Decentraland. At the time of purchase, 1.2 million USD worth of MANA was needed to buy this virtual piece of land.
“We’re looking to share the unfulfilled potential of the blockchain for content purposes,” said Rosenstein. “Artists have been asking for a space to bring NFTs to life in a new way.”
The purchase of metaverse land is risky because it’s still experimental, but Portion’s CEO is optimistic about the first big step taken towards creating history.
Portion CEO Jason Rosenstein said the current metaverse land boom is the “first digital gentrification” in history.
You can read more on Metaverse: