The metaverse tycoon who made a record investment in virtual land is preparing to begin construction. In November of last year, Tokens.com spent more than $2 million for space in Decentraland, one of several emerging metaverse platforms. “Several major celebrities are set to be part of an online fashion show,” Tokens.com co-founder and CEO Andrew Kiguel stated in an interview. Tommy Hilfiger, Cavalli, Elie Saab, Dolce & Gabbana, Etro, and Paco Rabanne, according to Kiguel, have all signed up to participate beginning March 24.
The event will take place over three days. There will also be numerous well-known DJs and a Mercedes-Benz-sponsored after-party. Decentraland, one of the platforms on which Kiguel’s firm is focused, is described by Kiguel as a distinct type of NFT, or nonfungible token.
Is Decentraland paving the road for virtual lands?
On the site, anyone may purchase virtual land. In the case of Decentraland, you’ll need to utilize MANA, a type of digital money that can only be acquired using Bitcoin or Ethereum. Users may then visit the website to view what’s available for purchase. Although many of the packages have already been acquired, several are still available secondhand.
The price varies in the same way as real estate does in the actual world. Kiguel’s crew is keeping a careful eye on transactions in Decentraland, where he bought land in November. They knew who owned what and where they intended to purchase it. The transaction was recorded on a blockchain, which serves as a metaverse-wide digital deed.
On metaverse platforms, there isn’t endless space. There are beginnings and finishes to the world. It reminds Kiguel of a Monopoly board. “You may purchase 45,000 homes in Decentraland, 45,000 small pixels,” he remarked. “There are really 90,000 pixels up on the board, but some of them are not for sale, such as lakes, rivers, trees, and the downtown center fountains, which are locations that the foundation keeps for beautification purposes.”
Decentraland’s authors built programming that prevents the metaverse from expanding; thus, the land is scarce, much as it is in the real world. Several factors determine the price of the land. Most of the time, it’s because it’s next to something else with a lot of traffic. You click to reach anywhere in the metaverse. You don’t have to walk, drive, fly, or take the train to get to your destination.