Virtual land sold for a record $2.4 million in Metaverse

A virtual real estate plot in the online world ‘Decentraland’ sold for a record $2.4 million (roughly Rs. 17 crores) worth of cryptocurrency.

A virtual real estate plot in the online world ‘Decentraland’ sold for a record $2.4 million (roughly Rs. 17 crores) worth of cryptocurrency.

Launched in 2017, Decentraland (MANA) is a decentralised 3D virtual reality platform (a ‘metaverse’) powered by the Ethereum blockchain where users can create virtual structures such as casinos, art galleries, concert halls and theme parks, and charge other players to visit them.

Such environments have grown increasingly popular this year. The term “metaverse” is the latest buzzword to capture the tech industry’s imagination — so much so that one of the best-known internet platforms is rebranding to signal its embrace of the futuristic idea.

Read more: Why Mark Zuckerberg changed Facebook’s name to ‘Meta’

Everyone…literally everyone is talking about the metaverse. Experts are saying it is the next big thing that’s going to revolutionize our online lives. They claim that metaverse is to 2022 what AI was in the 90s. But everyone has their own notion of what “the metaverse” actually is.

Confused about Metaverse? We’ve got you covered!

While it is now established that cryptocurrency will be an integral part of Metaverse, a bill to prohibit all private cryptocurrencies in India with certain limits is slated to be taken up for final examination and passage during the Winter Session, which begins on November 29, 2021.

Read more: Here’s how experts feel about crypto ban

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