Quick take:
- The Music District comprises 34 land parcels equivalent to 91,936 sq ft of physical flat land.
- Owning the Music District will allow Tokens.com’s Metaverse Group to offer advertising space.
- The company plans on developing the land for movie premiers, music events and virtual concerts.
Publicly listed Web3 investment company, Tokens.com, has announced that its subsidiary, Metaverse Group, has purchased the Music District in Decentraland with 13th Floor Ventures, an institutionally-backed investment fund focused on virtual real estate.
The Music District comprises 34 land parcels equivalent to 91,936 sq ft of physical flat land. Its strategic location borders Festival Land, a live music district that has featured live performances, and Genesis Plaza, the heart of Decentraland which provides a stepping off point for visitors to explore the rest of the virtual world.
The Music District acquisition is one of the largest virtual land purchases of 2022 so far and cements Metaverse Group’s position as one of the largest landowners in Decentraland. Owning land in strategically positioned locations like Music District will allow Metaverse Group to offer advertising space in popular and 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 company previously launched a luxury Meta Marina to coincide with the first Metaverse Fashion Week which took place from Mar 24-27. It also partnered with Forever 21 to launch a virtual store in Decentraland.
“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.
As a vertically integrated NFT-based metaverse real estate company, Metaverse Group will continue to collect strategically located land parcels in Decentraland and purchase, develop and rent out its portfolio of real estate assets
“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,” Abraham added.
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