Philipp Plein purchases 1.4 million dollar plot of metaverse land

Luxury designer Philipp Plein has purchased a plot of land in the 3D virtual reality platform, Decentraland. The Plein Group reportedly bought the digital estate for 510,000 Manas, the platform’s own cryptocurrency, which corresponds to around 1.4 million dollars.

It is said that the location has been dubbed Plein Plaza, in a report by WWD, and covers 65 Decentraland parcels, the equivalent of approximately 176,528 square feet. The project will include stores, entertainment, an art museum, hotel and luxury residences.

Digital artist Antoni Tudisco and Jason Rosenstein, founder and chief executive office of NFT auction house Portion, will be involved in the development of the estate.

In a statement via the publication, Plein said he was “proud” to have made this move into the Metaverse “so early on in the development and establishment of this new universe”.

Last year, the designer was among the first to adopt elements of the digital world, accepting more than 20 different cryptocurrencies as a means of payment at the brand’s physical and online stores. Additionally, Philipp Plein’s menswear presention for autumn/winter 2022 also presented sculptures of NFT-artwork that the designer is intending to exhibit in this year’s Art Basel Miami.