The metaverse, or the hyptonized digital iteration of the universe in which we live, is the latest hype that has engulfed the crypto space. With Facebook being one of the latest high profile platforms to jump onto the bandwagon, many consider the metaverse to be the successor of the social-media era.
In the metaverse, users usually interact with a system-generated environment. And over there, buying land pieces is evidently the hottest discussion topic.
Just a day back it was reported that a digital land plot on play-to-earn gaming platform Axie Infinity was sold for approximately $2.3 million. The purchased land would apparently be used to host special content like Chimera Bosses and Raids.
The Latest Deal
Well, Decentraland was quick to follow in Axie’s footsteps. It also recently ended up selling a plot of virtual real estate to Metaverse Group for $2.43 million. As a matter of fact, the aforementioned value is more than 2x of its own previous record of $913k.
As per the official statement, the company would use the virtual land to foster “fashion shows” and “commerce” within the exploding “digital fashion industry.”
Well, even though there is scope for fashion in the metaverse to bloom, it shouldn’t be forgotten that it is a relatively uncharted territory. Thus, only time can tell if it will be able to live up to expectations.
MANA’s Negative Reaction
Until recently, MANA, the native crypto of Decentraland, was busy enjoying the attention and traction that its network was garnering. However, the token has stopped rallying of late, owing to the broader market dip.
On 25 November, MANA attained a new peak around the $6 mark. Post that, nevertheless, it embarked on its south-bound journey and was seen hovering around the $4.5 mark at the time of this analysis.
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