Fashion Designer Philipp Plein Buys Metaverse Real Estate for $1.4M

The Plein Group has purchased a plot of land in Decentraland, with plans to turn it into commercial development.
Image source: Philipp Plein

Quick take:

  • The land is situated in a prime location overlooking one of Genesis’ plazas.
  • The metaverse real estate development project will include stores, an art museum and luxury residences.
  • NFT auction house and marketplace Portion will be involved in developing the estate.

German fashion designer Philipp Plein announced that his company, The Plein Group, has purchased a large plot of land in virtual reality platform Decentraland. 

According to the announcement, the acquired real estate is situated in a prime location directly overlooking one of the Genesis Plazas, framed and accessible from two roads. The real estate covers 65 land parcels in Decentraland and corresponds to 179,111 square feet.

The Switzerland-based company purchased the real estate for 510 000 MANA, corresponding, as per today’s exchange, to approximately $1.4 million. 

Named Plein Plaza, the metaverse real estate will be turned into commercial development that includes stores, an art museum, a hotel and luxury residences. Digital artist Antoni Tudisco will take part in the creative side of the project.

The transaction was made by the company under Plein’s alias, Bug$ Bunny, and facilitated with the help of Jason Rosenstein, founder and CEO of NFT auction house and marketplace Portion, which will also be involved in the development of the estate. Portion has also acquired “Portion District”, also located near Genesis Plaza, for 425,000 MANA, equivalent to approximately $1.2 million.

“I am very excited and truly proud to have seized this opportunity to own a portion of the Metaverse so early on in the development and establishment of this new universe,” says Plein. “We are there to stay and to develop and share the creativity of all our brands – Philipp Plein, Plein Sport and Billionaire – also in this new dimension of human interaction in which I personally believe a lot.”

The German fashion designer has been an early adopter of blockchain in the fashion world. Last year, Plein made headlines for being the first major fashion brand to take crypto payments, accepting 15 different cryptocurrencies for both online and in-store purchases.

Plein’s Fall/Winter ‘22/23 fashion collection showcased in January featured sculptures of monsters initially intended as NFT-only art but were turned into physical objects that he aims to exhibit at Art Basil Miami next December. At the fashion show, he also mentioned that some of the pieces in the collection will be sold as NFTs in the future.

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