It’s virtually a done deal.

A public company whose founder has created real-world property firms is poised to sign the biggest-ever deal for land that doesn’t exist in the material world. The transaction, in a virtual reality platform called Decentraland, is expected to far surpass the $850,000 that a buyer paid in July for a parcel in The Sandbox, according to a person familiar with the deal. The company is even mulling plans to spin off the purchase as a REIT — and possibly list it on the NASDAQ.

It’s a coming-out event for the Metaverse, where gamers and cryptocurrency speculators have long gathered to play and trade digital collectibles. A virtual real estate industry is being born, and traditional property developers are racing to cash in.


Decentraland’s Trade Center

Investors in virtual property are “hugely diversified and very deep-pocketed,” said Ryan Freedman, general partner at the venture…

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