The land costs nearly a million USD but the buyer can't live

This is one of the largest virtual real estate transactions ever.

On June 17, a piece of virtual space on the Decentraland blockchain platform was sold for more than $900,000 . According to the Decentraland Foundation, this is the platform's record price.

Pride month parade venue inside Decentraland. (Photo: decentraland.org).

In Decentraland, ownership of a virtual platform is traded in the form of NFT (non-fungible token) . NFT is a type of crypto-asset that records the ownership of electronic goods in the blockchain.

Unlike cryptocurrency, each NFT is unique and cannot be exchanged for other NFTs. Because of this nature, NFT is a trend to own virtual assets, from videos, photos, audio, to virtual real estate.

According to the Decentraland Foundation, the land was acquired by Republic Realm digital real estate investment fund . The fund was founded by Republic, an American investment platform.

At the moment, this is the highest value " virtual land" NFT transaction , according to DappRadar data.

This piece of land is divided into 259 units or "grounds" , covering 66,304 thousand square meters, making it the largest real estate in terms of size ever traded in Decentraland.

This transaction was made using MANA , Decentraland's own cryptocurrency. The land is priced at 1,295,000 MANA, equivalent to 913,228.2 USD at the time of sale.

Real estate prices on the blockchain platform in the virtual world surged thanks to the NFT fever. From the beginning of 2021, many NFT works are sold for millions of dollars. In particular, the picture Everydays: the First 5000 Days, priced at $ 69.3 million, became the most expensive NFT.

In addition, major fashion brands also follow the NFT craze. Typically Hublot, with a 3D model of a watch model that does not exist in real life, brought in $ 1 billion in less than a month.

Most recently, on June 11, the NFT-format Dogecoin symbol sold for $4 million.