Tokens.com, a publicly-traded company that invests in Web3 crypto assets and businesses linked to the Metaverse and NFTs, announced this week that its subsidiary, Metaverse Group, has purchased the Music District in Decentraland, as a joint venture with 13th Floor Ventures, an institutionally-backed investment fund focused on virtual real estate opportunities in the Metaverse.
The Music District is comprised of 34 parcels, equivalent to 91,936 sq ft of flat land in physical terms. The district is positioned in a strategic location as the land borders Festival Land, Decentraland’s live music district that has featured live performances from many prominent artists, and Genesis Plaza, the heart of Decentraland where all users enter the virtual world and retain high foot traffic volumes.
Metaverse Group said this purchase solidifies its position as one of the largest landowners in Decentraland, as the group continues to collect strategically located parcels. Owning parcels in locations like the Music District allows the company to offer advertising space in the most popular and most highly sought-after areas.
“We plan on developing this land to host movie premiers, music launches and concerts,” commented Andrew Kiguel, CEO of Tokens.com and executive chair of Metaverse Group. “We believe that music and fashion will be leading drivers of value in the Metaverse, thus the strategic importance of this acquisition.”
The Music District acquisition is one of the largest virtual land purchases of 2022 to date.
“The Music District is the perfect site to execute our shared vision to create immersive experiences across all forms of talent and entertainment,” said Evan Abraham, co-founder and managing partner of 13th Floor Ventures. “We are thrilled to partner with an industry leader like Metaverse Group on this acquisition and look forward to growing our joint venture through additional virtual land developments. This is the first of many significant investments in the category as 13FV establishes itself as a key investor in Metaverse assets.”
Tokens.com Corp is a publicly-traded company that invests in Web3 assets and businesses focused on the Metaverse, NFTs, DeFi, and gaming-based digital assets. It is the majority owner of Metaverse Group, one of the world’s first virtual real estate companies. Hulk Labs, a wholly-owned Tokens.com subsidiary, focuses on investing in play-to-earn revenue-generating gaming tokens and NFTs. Additionally, Tokens.com owns and stakes crypto assets to earn additional tokens.