A piece of digital land has just sold for $2.43 million on Decentraland, The virtual real estate was purchased by Metaverse Group, and will be used to host fashion shows and commerce in Decentraland’s 3D world.

The land was sold to NFT-based virtual real estate company Metaverse Group for 618,000 MANA, the native cryptocurrency of Decentraland, according to a statement by Metaverse Group parent company Tokens.com.

Per the statement, the virtual land will be developed to “facilitate fashion shows and commerce within the exploding digital fashion industry,” with Metaverse Group planning partnerships with “several existing fashion brands” to build out their metaverse e-commerce offerings.

Fashion is the next massive area for growth in the metaverse,” said Sam Hamilton, head of content at the Decentraland Foundation, in a press release accompanying the announcement. “So it’s timely, and very exciting, that Metaverse Group has made such a decisive commitment with this land purchase in the heart of Decentraland’s fashion precinct.”

In case you are new to the metaverse buzz. Decentraland is a decentralised 3D virtual reality platform that consists of 90,601 parcels of land. Virtual estate in decentraland are NFTs which can be bought by the cryptocurrency MANA, which is based on the Ethereum blockchain

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