German Fashion Giant Philipp Plein Enters Decentraland with $1.2 Million Purchase

The metaverse is the topic that gets a place in all the current topics in the world, be it business, technology, or fashion. Users are intrigued by the innovative ideas brought to the metaverse by the developers and the users alike. Recently, some of the renowned names, like Samsung, announced their arrival in the metaverse. Earlier this week, Decentraland witnessed the first-ever virtual marriage thanks to an American couple. But that is not all. Just a couple of days after the announcement about a virtual fashion week, the metaverse project lands one of the biggest deals from the German fashion giant Philipp Plein.

It is highly unlikely for anyone interested in cryptocurrency to not know about Decentraland. However, for those from the unlikely lot, Decentraland is one of the first decentralized, user-owned metaverse projects. It was founded on the Ethereum blockchain, and the Argentines Ari Meilich and Esteban Ordana are the creators of this 3D virtual world. The plots in Decetraland are powered by a concept known as non-fungible tokens. These plots are available for sale through the native MANA coin from a verified Ethereum wallet. These could also be traded with other cryptocurrencies in the market. As per the recent reports, MANA is trading well over $3 in the market.

The metaverse concept is taking a strong foothold in the crypto space. Decentraland had entered prominent partnerships and received endorsements in recent times, which has helped push its price beyond the $3 range. The increasing number of endorsements from big names, like Philipp Plein, is sure to send the price of MANA through the roof in upcoming years. This is exactly why the predictions for MANA look positive for long-term entry. According to the forecast from WalletInvestor, MANA is sure to post a 650% gain for a five-year investment. For the short-term, the closing of 2022 looks optimal with 250% growth. Read this MANA price prediction to learn more.

Reports about Philipp Plein’s purchase of a virtual estate in Decentraland came on the 9th of February. The deal acquired 16,640 square meters or 65 plots of the virtual landmass. Plein spent 510 MANA coins on these new deals, which roughly falls between $1.2 to $1.4 million. Virtual reality expert Jason Rosenstein is reported to have facilitated the deal for Philipp Plein and will be an integral figure in the development of Plein Plaza in the future. Rosenstein is well-known for founding the NFT auction platform that goes by the name Portion. Digital Artist Antonio Tudisco is another prominent figure involved in this new project. 

This virtual Plein Plaza will build luxury hotels, events centers, an art museum, and more virtual infrastructures to induce the growth of this fashion label in the ever-growing digital world. According to Plein, this new dimension will bring more opportunities for his labels like Philipp Plein, Plein Sport, and Billionaire to share their creative ideas through this new tool.

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Jason Fleming is a passionate writer for finance and cryptocurrencies. He strongly believes that crypto will become a benchmark in use of money in near future. He is known for his excellent opinion articles of cryptocurrencies. He closely follows world's financial market of cryptocurrencies.

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