Now, virtual real estate plot sells at record price

WION Web Team
Washington Published: Nov 24, 2021, 02:12 PM(IST)

File photo. Photograph:( Reuters )

Story highlights

The buyer brought the virtual land in Decentraland, which is an online platform where users can buy land and meet people.

A virtual real estate plot 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 Salvador President 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 using bitcoin as an official tender over financial risks associated with it. 

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

Also Read: Bitcoin, other cryptocurrencies tumble over Biden tax plan fears    

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

(With inputs from Agencies)

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