Philipp Plein label invests €1.2 million in digital real estate
Philipp Plein has completed a major real estate operation in the virtual world. The Swiss-based fashion label, led by the eponymous German designer-entrepreneur, has bought a tract of land extending over the equivalent of 16,400 m2, or 65 plots, in the Decentraland metaverse. The investment was 510 mana which, at the exchange rate current on the transaction’s date, amounted to $1.4 million (€1.2 million). On this virtual land, the label is planning to build Plein Plaza, home to stores, an art museum, a hotel, luxury apartments and an event venue.
Decentraland was created on the Ethereum blockchain in 2017 by Argentine developers Ari Meilich and Esteban Ordano. It is a decentralised virtual world with its own cryptocurrency, the mana, and features plots of digital real estate identified via NFTs. Decentraland is one of the most popular sites in the sector, with nearly 300,000 monthly active users. Users can buy plots of land for advertising purposes, to lease them or to use them as venue for virtual activities. On March 24-27, Decentraland will stage for the first time a virtual fashion week.
Philipp Plein’s digital real estate operation was carried out with the help of virtual reality expert Jason Rosenstein, founder and boss of NFT auction house and marketplace Portion, who will be active in the development of Plein Plaza. Also involved in the project is German digital artist Antoni Tudisco, well-known for his 3D visual creations.
“I am very excited and truly proud for having seized this opportunity to own a plot of land in the metaverse, and to be involved so quickly in the development and creation of this new world,” said Plein. “We are there to stay, in order to develop and share the creativity of all our labels (Philipp Plein, Plein Sport and Billionaire) also in this new dimension for human interaction, in which I personally believe a great deal,” he added.
Philipp Plein’s purchase is proof of the label's interest in the metaverse, whose opportunities it intends to tap fully as quickly as possible. A few months ago, Philipp Plein was the first label to accept cryptocurrencies, in over 20 denominations, as means of payment on its e-shop and at its brick-and-mortar stores.
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