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Into the Matrix: virtual real estate sets records

​​CHICAGO – Decentraland Foundation, a leader in the blockchain-based real estate industry, has sold more than $900,000 in virtual land, a record for the platform. 

According to Realtor Mag, b​lockchain-based real estate has seen a surge in 2021, with U.S. investors ​purchasing 259 units of land in the Decentraland digital world.  

Transactions are based on the Ethereum blockchain, a form of cryptocurrency. 

Users purchase land to show off their non-fungible token
(NFT) art collections, attend events, visit buildings, and walk around with friends. 

Earlier this month a virtual tract in a digital space called The Sandbox sold for $650,000. ​

​For more on blockchain, read “Blockchain and Real Estate​,” a technical report from the Texas Real Estate Research Center.​​​​

Texas logoThe Texas Real Estate Research Center has a wealth of economic information online for free.

Source: Realtor Magazine

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