Now, virtual real estate plot sells at record price

A virtualreal estateplot sold for $2.4 million worth of cryptocurrency.

The buyer brought the virtual land in Decentraland which is an online platform where users can buy land and meet people. It is also called"metaverse"made famous after Facebook founder Mark Zuckerberg changed his company name to Meta.

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The land brought by the buyer is reportedly a virtual"Fashion Street"area of Decentraland. Decentraland uses blockchain technology where land is sold through non-fungible tokens (NFTs) which is a cryptocurrency asset. NFTs are increasingly used to buy vertical real estate assets.

Cryptocurrency has caught the imagination of investors including governments worldwide.El SalvadorPresident Nayib Bukele recently said his country would be building the first "Bitcoin City" to power investments. The country had earlier floated the world's first legal bitcoin tender.

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However, International Monetary Fund(IMF) has warned El Salvador against usingbitcoinas an official tender over financial risks associated with it.

US regulator had declared that banks would need to show it hasrisk management systems and would require written permission from supervisors before engaging incryptocurrencies. The US banks have been barred from engaging in several crypto-related activities.

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Nigerian President Muhammadu Buhari had earlier launched theeNairacurrency in a bid to cash in on the cryptocurrency wave sweeping the world.

(With inputs from Agencies)