NFT Auction House Drops $1.25 Million on Metaverse Property
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Portion, which dubs itself the “premier online marketplace” for NFTs, has announced the purchase of a $1.25 million plot of land in Decentraland, the 3D virtual world where users may buy virtual real estate in the platform via the MANA cryptocurrency.
“Just like Manhattan’s Fifth Avenue, high-traffic areas serve as a premium thoroughfare for world-famous luxury brands, and the coming Metaverse is building its own such districts,” the company said in a blog post on its website earlier this month. The purchase was completed for 425,000 MANA, equivalent to approximately $1,250,000 at the time of the buy.
This isn’t Portion’s first move in the metaverse, as the company had previously received free land in the Decentraland Arts District. Last July, it debuted a seven-floor virtual museum in Decentraland, featuring a broad array of NFT artwork, according to the post.
“We took this giant leap for a mega plot in Decentraland because artists have kept asking us to build something, a space to bring NFTs to life in a new way,” Portion CEO and founder Jason Rosenstein told Insider.
Portion selected its 52-parcel plot in Decentraland because it was next to a road and a major plaza where other brands were buying land, Rosenstein told Insider. “Plus, you want to be as close to the center of Decentraland as possible,” he said.
Metaverse virtual real estate is maintaining the impressive traction it garnered in 2021, and continues to grow at a fast pace — both in interest and prices.
Indeed, the market opportunity for bringing any number of metaverses to life may be worth more than $1 trillion in annual revenue, according to a Grayscale report. The asset management firm estimates that revenue from virtual gaming worlds could grow to $400 billion in 2025, from $180 billion in 2020.
Rosenstein told Insider that Portion has partnered with companies that want to use its virtual land to sell digital wearables for avatars.
“Buying land in the metaverse is like buying land in Manhattan in 1800,” he told Insider. “No one really knows too much. But you just have to take an educated guess and try it out.”
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