, an NFT auction house and marketplace, purchased a $1.2 million plot of virtual real estate last month, and the company's CEO believes property values and market trends in the metaverse mirror those in the physical world.
"We took this giant leap for a mega plot in Decentraland because artists have kept asking us to build something, a space to bring NFTs to life in a new way," Portion CEO and founder Jason Rosenstein told Insider. Portion selected its 52-parcel plot in Decentraland because it was next to a road and a major plaza where other brands were buying land, Rosenstein explained. "Plus, you want to be as close to the center of Decentraland as possible."
"Build in an area where there are other similar brands doing the same thing as you, and try to get as close to a road as possible," Rosenstein said. "Make sure you do your own research to make sure you aren't overpaying."
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