A virtual land tycoon is set to make his next big move after acquiring $2 million in metaverse real estate.

• The man behind a $2 million metaverse land purchase announces his plans.
• A three-day fashion show with big-name fashion labels kicks off next month.
• A significant effort is being made to increase the number of individuals participating in the digital economy.

A virtual land development project is set to begin with a significant financial backing from a prominent figure in the metaverse industry.

In November of last year, Tokens.com spent more than $2 million for space in Decentraland, a metaverse platform that is rapidly growing.

An online fashion show featuring several big names in the fashion industry, including Tommy Hilfiger, Cavalli, Elie Saab, Dolce & Gabbana, Etro, and fragrance company Paco Rabanne, will take place on the virtual plot starting March 24. The show will run over three days and will feature several big name DJs, with an after party sponsored by Mercedes-Benz.

Kiguel describes Decentraland, a platform his company focuses on, as a unique type of NFT. Users can purchase virtual land on the platform using MANNA, a digital currency that can only be bought with Bitcoin or Ethereum.

Secondhand parcels are available at fluctuating prices, similar to real estate in the physical world. Users can check the site for more information.

Kiguel's team closely monitored the November purchase of land in Decentraland. They were aware of the ownership and location of the land, and the transaction was recorded on a blockchain as a digital deed in the metaverse.

Worlds on metaverse platforms are not infinite, they have a beginning and an end, just like a Monopoly board.

The foundation keeps 45,000 pixels on the board for beautification purposes, while the remaining 45,000 pixels are available for purchase.

In Decentraland, the creators implemented code that restricts expansion, resulting in a limited supply of land, similar to the real world.

What makes land more valuable? In most cases, it is proximity to something else with heavy traffic. In the metaverse, you can easily navigate to your destination without having to walk, drive, fly, or take the subway. Kiguel explains it this way: "The museum district in the metaverse has a variety of NFTs and other displays, making it feel like being in a city as you walk through and see different buildings and exhibits."

Avatars, digital representations of people, are drawn into action at amusement parks and other attractions. It is believed that these avatars will use money or cryptocurrencies to purchase goods online, some of which may have value in the physical world, while others are for avatars who want to stay fashionable in the metaverse.

SuperWorld, founded by Hrish Lotlikar, combines the real world with the virtual by allowing users to purchase the virtual equivalent of physical city blocks.

Lotlikar's metaverse is constructed on top of the real world. Blocks are initially priced at $390, but their value fluctuates in the secondary market. SuperWorld aims to provide real-world utility by enabling users to leave NFTs, holograms, or messages on the platform that can be discovered if they visit the real-world equivalent in those city blocks. These messages will then appear on a user's phone when they enter a location designed to house the message, such as a restaurant.

According to Lotlikar, when purchasing land, you are acquiring a nonfungible token that grants you ownership of a digital asset. This asset enables you to receive a portion of the economic activity that occurs on that specific piece of land.

SuperWorld earns revenue through a 10% commission on all transactions conducted on any property, as well as an additional 10% when land is sold.

Although there has been recent excitement and rapid expansion, the idea of the metaverse is not novel. In fact, Second Life has been offering online entertainment and commerce for nearly two decades.

Brad Oberwager, the executive chair of Linden Labs, which owns Second Life, stated in a recent interview with CNBC that the metaverse is not a game, but a place where people reside. He criticized the price volatility in new metaverse sites, arguing that if the value of the house he rented fluctuated 50% in a day, he couldn't live like that.

Customers rent land in Second Life and construct on it. Oberwager claims that Second Life has evolved into a $650 million real economy.

The company aims to introduce a payment system that will serve as the financial institution for the metaverse, simplifying the process of transferring funds into virtual economies for their customers.