Virtual real estate can set you back $200K

Decentraland raised $26M in 30 seconds during initial coin offering last year

New York /
Jun.June 12, 2018 09:48 AM

Etheremon on Decentraland (Credit: Decentraland)

A plot of land in Genesis City can go for as much as $200,000 — though interested buyers will need virtual-reality headsets to visit it.

The blockchain-based real estate is made of 90,000 digital plots, Bloomberg reported. Not much is built in this high-stakes “SimCity,” though the Washington, D.C.-sized world is already divided into themed neighborhoods, including one inspired by “Blade Runner” and Las Vegas. There’s also, of course, a red-light district.

Genesis City was created by Argentinian coders Esteban Ordano and Ari Meilich as part of a larger digital world called Decentraland, which uses the Ethereum blockchain. Decentraland got an early vote of confidence — during its initial coin offering last year, it raised $26 million in 30 seconds.

Resellers can hope to make $30,000 on a Genesis City plot, though the record is $200,000 (the seller of that piece of “land” bought it for $13,000). Ryan Kunzmann, who works for a property management website, purchased 62 plots — about 1,100 square feet each — for $15,000. He made back his investment by selling eight of the plots. He hopes to turn part of his holdings into a virtual museum or art gallery.

“Once virtual reality becomes a mass movement, and we’re heading in that direction, we’ll come to a critical mass of users that will need a platform to discover content,” Meilich told Bloomberg. [Bloomberg] — Kathryn Brenzel


Related Articles

arrow_forward_ios
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Pandemic could cut assessed property values by 10%
Lexington Hotel at 511 Lexington Avenue (Google Maps)
NYC hotels getting busier, but still struggling
NYC hotels getting busier, but still struggling
Illustration of Sam Zell of Equity Commonwealth (right) and Barry Sternlicht of Starwood (Illustration by Kevin Rebong for The Real Deal)
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Monmouth Real Estate: We’ll sell to Zell, not Sternlicht
Instacart CEO Apoorva Mehta (Getty)
Instacart to build fulfillment centers near supermarkets
Instacart to build fulfillment centers near supermarkets
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
Blackstone eyes return to hotel business as real estate fuels strong Q2
A rendering of 19 Hausman Street (M Development)
Nightmare darkens for largest Brooklyn condo project of 2019
Nightmare darkens for largest Brooklyn condo project of 2019
Sundae co-founders Josh Stech and Andrew Swain (Sundae via LinkedIn)
Distressed-property startup Sundae raises $80M in Series C round
Distressed-property startup Sundae raises $80M in Series C round
Andrew Farkas of Island Capital and 511 Lexington Avenue (Island Capital, Google Maps)
Farkas buys Lexington Ave hotel for $185M
Farkas buys Lexington Ave hotel for $185M
arrow_forward_ios

The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

Loading...