German fashion house Philipp Plein has confirmed its completion of the purchase of a large plot of land in Decentraland, the first-ever virtual world owned by its users in the Metaverse. The acquired real estate is situated in a prime location directly overlooking one of the Genesis Plazas, framed and accessible from two roads. It has a size corresponding to 16 640 square meters / 179 111 square feet and has been acquired by the Plein Group for a price of 510 000 MANAs (the Decentraland’s own cryptocurrency) corresponding, as per today’s exchange, to approximately 1,4 million USD.

The estate will be called PLEIN PLAZA. Future developments planned by the Plein Group in the purchased real estate will include luxury retail stores, entertainment, an art museum, an hotel and luxury residences.