- Canadian investment firm Tokens.com recently announced the purchase of 116 parcels of virtual land for $2.4 million.
- The basketball court sized plot of digital land was bought from a company called Decentraland.
- More money news here.
Back in the days of yore, scammers would try to sell unsuspecting suckers some swampland in Florida or a piece of the Golden Gate bridge. These days it’s much easier to take people’s money. Now we have things like NFTs and people dropping hundreds of thousands of dollars, if not millions, on things like virtual houses and land.
The latest example of this futuristic financial chicanery was announced, proudly, last week, by the people who conducted the transaction. My how the world has changed.
In a press release headlined, “Tokens.com’s Subsidiary Closes the Largest Metaverse Land Acquisition in History,” the Canadian investment firm touted its big digital purchase as if the company had just bought the Great Sphinx of Giza.
“Tokens.com Corp., a publicly traded company that invests in revenue-generating crypto assets linked to Decentralized Finance, Non-Fungible Tokens and metaverse real estate is proud to announce the acquisition of a 116 parcel estate in the heart of the Fashion Street district within Decentraland via its subsidiary, Metaverse Group. Decentraland has declared this to be the largest metaverse land acquisition to date,” it read.
So what, exactly does one do with a $2.4 million plot of virtual land? Glad you asked.
“The estate will be developed to facilitate fashion shows and commerce within the exploding digital fashion industry,” the statement continued. “Metaverse Group also plans to establish partnerships with several existing fashion brands who are looking to connect with new audiences and expand their ecommerce offerings within the metaverse. Metaverse Group will collaborate with Decentraland to curate fashion projects and events on the estate.”
Oh, so the 6,090 square feet of fake land is a virtual “estate” now. Cool. Cool.
“Fashion is the next massive area for growth in the metaverse,” said Sam Hamilton, Head of Content at the Decentraland Foundation. “So it’s timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”
Interestingly, according to Realtor.com, the median price for each square foot for a home in the United States is $123. Which means, you could have bought 6,090 square feet of real, actual land for $749,070, or $1,650,930 LESS than what Tokens.com paid for its fake land. Though that land wouldn’t be right “in the heart of the Fashion Street district within Decentraland.”
“We are happy to make history by closing the largest public metaverse land acquisition to date. These assets will complement the existing portfolio of metaverse real estate already held at Metaverse Group. We are excited to have our subsidiary successfully close this landmark digital real estate transaction,” said Andrew Kiguel, CEO.
One would think that for $2.4 million Tokens.com could have at least gotten a fake digital house they couldn’t actually live in with their expensive land purchase.