Blockchain protocol Boson purchases $704,000 worth of land in Decentraland to build a virtual mall

According to Decrypt, blockchain protocol Boson has purchased a $704,000 plot of land in Decentraland to build a virtual mall.

The virtual mall will allow players of Decentraland’s browser game to purchase digital assets, which they can then exchange for physical goods and services.

The purchase is the most expensive piece of land ever purchased in the Decentraland virtual world. Boson’s mall will allow some of the world’s most recognizable brands to sell their products in the virtual retail space.

For example, someone who purchased a handbag or a pair of shoes as an NFT could exchange it for the real thing. Boson provides decentralized infrastructure through its blockchain protocol, hoping to attract users from other Decentraland communities.

Boson raised $10 million in multiple funding rounds from 2019 to 2021. Earlier this year, the company raised nearly $26 million in a public token sale.

Decentraland is an Ethereum-based virtual reality blockchain platform where users can buy, build, and monetize applications. In its 3D world, users use tokens to interact with the platform and purchase virtual land, goods, and services. It is divided into a limited number of plots, called LAND (a non-fungible ERC721 token), which can be purchased with the ERC20 token MANA.

Decentraland conducted an ICO in 2017, raising about $24 million in Bitcoin, Ethereum, and other cryptocurrencies.

Decentraland’s commercial landscape is growing rapidly. Last week, Sotheby’s auction house set up a virtual replica of its London gallery in Decentraland. This digital space allows artists to sell their unique NFTs to Decentraland players.

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