Elaine Jean Tech 11.25.2021 06:Nov AM EST

Metaverse Effect? Canadian Company Buys Virtual Land for $2.5 Million--And It's for Virtual Fashion Shows!

A Canadian investment company just bought another virtual land in Metaverse for $2.5 million.

Tokens.com is investing heavily in the virtual space of Metaverse.

Metaverse Virtual Land For $2.5 Million

The Canadian investment business revealed that it recently paid $2.43 million in cryptocurrencies for a digital plot of land. This purchase is known to be the most expensive of its sort in digital Metaverse history.

Tokens.com, a company that focuses on decentralized finance (De-Fi) and a DeFi website, made the purchase on Decentraland, a blockchain-based metaverse where Bitcoin is used to personalize avatars, purchase real estate, and communicate with other users.

Metaverse Tokens

According to Tokens.com, the property is described as a "116 parcel estate in the heart of Decentraland's Fashion Street district," with a total area of 6,090 square feet, or about 1.3 basketball courts.

This will be used to host digital fashion shows and expand fashion firms' e-commerce offerings.

Furthermore, according to The Block Crypto, Tokens.com paid $1.68 million for a 50% share in Metaverse Group in mid-October. In the virtual world platforms Cryptovoxels, The Sandbox, Upland, and Somnium, Metaverse Group also sells and rents virtual land.

The acquired lots will be constructed in Decentraland's Fashion Street sector to meet the growing demand for fashion brands to promote digital items in the metaverse.

What is Metaverse's Tokens.com

Tokens.com Corp is a publicly-traded corporation that holds a cryptocurrency portfolio based on DeFi and NFT.

The company's cryptocurrency inventory is utilized to gain additional tokens through a process known as staking. It also owns Metaverse Group, one of the first NFT-based virtual real estate blockchain enterprises in the world.

Tokens.com provides public market investors with an easy and secure way to obtain exposure to cryptocurrencies tied to DeFi and NFTs through its increasing digital asset inventory.

Furthermore, Tokens.com, which invests in revenue-generating crypto and blockchain assets tied to Decentralized Finance (DeFi), Non-Fungible Tokens (NFT), and metaverse real estate, is delighted to announce that the purchase of a 50% share in Metaverse Group has been completed.

As reported by the Business Wire, "The Metaverse is a game-changer for how advertisers and brands market their products. Physical and virtual real estate is extremely similar. As more people congregate in these virtual cities, the land becomes more sought after for its ability to reach a new global demographic."

The CEO Andrew Kiguel of Tokens.com stated that "Metaverse Group has the potential to be a major landlord and developer by using the same strategies used by physical real estate managers."

Metaverse Properties

Metaverse Group is one of the world's first virtual NFT-based real estate enterprises, including properties in prominent blockchain-based Metaverses such as Decentraland, Somnium Space, The Sandbox, Cryptovoxels, and Upland.

Additional services provided by Metaverse Group include virtual property construction, property management, and assistance with Metaverse marketing and advertising.

Facebook's Metaverse Token

Facebook, which has publicly rebranded itself to Meta in line with its future plans for Metaverse, has been reported to invest $50 million to build its Metaverse ecosystem, which the company collectively believes "a set of virtual spaces where you can create and explore with other people who aren't in the same physical space as you."