A user or unnamed organization has recently acquired a property on Decentraland, a virtual reality platform (VR) developed on the Ethereum blockchain, for $ 215,000. The estate was a piece of LAND of 126 packages and set a new record for the platform.
As noted for the first time by the Twitter user DCLBlogger, someone used the integrated virtual project market to purchase the property with 2.7 million MANA native tokens from the platform.
$ 215,200 for a virtual terrain of 126 pieces in #decentraland
It's just a matter of time until we see a million-dollar sale.
Crazy!$ dcl #mana #crypto pic.twitter.com/O4DrCorVdH
– DCLBlogger (@DCLBlogger) 5 November 2018
LAND lots are non-fungible digital assets managed through an intelligent contract on the Ethereum network. They represent the real earth in a three-dimensional virtual world that owners can use for whatever they want once it is available. Said virtual world has a finite space, and in it every LAND token represents a 10m2 package.
Once Decentraland is active by the end of this year at the start of next year, users will be able to use virtual reality to explore and interact with applications created by other users. While it is expected that the platform is distinguished from some important releases from the live, things are moving quickly.
A partnership between Decentraland and Ripio Credit Network (RCN), a boundless peer-to-peer encryption network, has recently made it possible for users of the virtual world to use their tokens to obtain mortgages. To register for one, based on a Media blog post, they will need to complete a short application and deposit at least 10% of the property value.
Once executed, a decentralized application (dApp) will publish a request so that creditors can request the mortgage at interest intervals that, it refers, can reach up to approximately 80%. Once the creditor has applied for the request, the partial ownership is transferred to the buyer, who will be able to use it.
If the borrower goes into default, the lender can acquire full ownership of the parcel. Commenting on his partnership with Decentraland, RCN CEO, Sebastian Serrano, said:
The partnership between RCN and Decentraland – two of the most promising projects based on Ethereum – is one of the first examples that highlights how different intelligent applications based on contracts can work together. At RCN we drive our efforts to connect credit institutions and borrowers and offer them. Doing it in virtual reality is a new exciting horizon.
As covered by CryptoGlobe, Decentraland is also developing a "strategic role-playing game" called Chainbreakers. The Decentraland MANA token is currently trading at $ 0.078 after rising nearly 3% in the last 24 hours.