Buys USD 2.8M Worth of Virtual Land in Upcoming Fashion District

Shares is a publicly traded company that invests into revenue-generating digital assets. It has purchased 116 parcels virtual land in Decentraland’s metaverse. This acquisition is said to be the largest ever.

Each parcel is 52.5 sq. feet in virtual land. This makes the total acquisition equivalent to 6,090 sq. feet.

To acquire the estate, the company paid MANA618,000, or more than USD 2.8m at current exchange rates, to purchase it. It is located in the heart Decentraland’s Fashion Street. This area is said to be poised for growth as a fashion and ecommerce hub.

Sam Hamilton, Decentraland’s head of content, stated that “Fashion will be the next major area for growth in metaverse,” “So it’s timely and exciting that Metaverse Group made such a strong commitment with the land purchase in Decentraland’s Fashion Precinct.”

Metaverse Group, a subsidiary to has completed the acquisition. It aims at inking partnerships with fashion brands interested in promoting their ecommerce offerings within the metaverse.

Virtual universes can be a huge benefit to luxury brands, allowing them to promote their brands, offerings, or even offer entirely virtual products. This is why they are investing heavily in this space.

Gucci held a virtual fashion show called ‘Gucci Garden Experience’ earlier this year as part of a partnership with Roblox. This platform allows users to create 3D spaces and games. A special digital Gucci bag was sold at the event for Robux 350,000 (USD 4,000).

Similar to the giant sportswear company Nike, recently unveiled Nikeland. This virtual space allows fans to connect, create, share experiences and compete. A digital showroom will be available where users can customize their avatars with virtual Nike products.

Following the deal, MANA, Decentraland’s native coin, has seen a price increase of nearly 60%. MANA trades at USD 5.22 per coin at 12:37 UTC. This is an increase of 24.3% in the last 24 hours and nearly 60% over the past week according to CoinGecko data.

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