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
Eric Gordon
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Eric Gordon on the evolution of the residential data game — and how to stay competitive in the new world
Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
MAP: Here’s a look at all the Big Tech locations in NYC
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
What will proptech look like in 2019 and beyond?
Mayor of New York City Eric Adams (Photo Illustration by The Real Deal with Getty Images)
NYC turns back to hotels to grow homeless shelters
NYC turns back to hotels to grow homeless shelters
Leonard Stern with Wyndham Garden Hotel Newark Airport (Getty, Hotels Combined)
Hartz buys Newark Airport hotel for $34M, plans demolition
Hartz buys Newark Airport hotel for $34M, plans demolition
Brookfield Property Partners CEO Brian Kingston and 660 Fifth Avenue (Brookfield Properties, Getty Images)
Major asset manager moves to 660 Fifth Avenue
Major asset manager moves to 660 Fifth Avenue
Cushman's Gary Gabriel and Adam Spies with one of the Long Island Industrial Assets (Cushman, Sherwood Equities, Getty Images)
Silverman grabs Sherwood industrial portfolio for $76M
Silverman grabs Sherwood industrial portfolio for $76M
50 Pennsylvania Avenue (LinkedIn, Pennrose)
Supermarket nabs 20K sf at Pennrose project in Brooklyn
Supermarket nabs 20K sf at Pennrose project in Brooklyn
arrow_forward_ios

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

Loading...