The well-known Digital Currency Group has created a venture capital fund with a unique purpose: it will be used exclusively on building startups within the Manaland (MANA) ecosystem. The VC fund is called Metaverse Ventures and wants to help accelerate companies who are offering products and services in Decentraland.
For those who are unaware, Decentraland is an open platform where users can purchase land and open businesses. The platform is gaining popularity, and more individuals are purchasing virtual land than ever.
In fact, just last month, a record sale was conducted for 2.7 MANA tokens, meaning that a virtual piece of land was sold for over $200,000 (at the time). The buyer was anonymous. A Twitter proponent of Decentraland that goes by the username @DCLBlogger actually wrote about how the purchase might make more sense than others realize:
Why would someone pay $215,000 for a Virtual Land? Here’s a blog post/video explaining the #Decentraland land sale and where the value comes from.https://t.co/XDzF3Qfv60
Please share!#mana #crypto #dcl #ethtrader
— DCLBlogger (@DCLBlogger) November 7, 2018
The Digital Currency Group (DGC) is an incredibly influential player in the cryptocurrency space, as it acquired Coindesk, a leading cryptocurrency news platform, in 2016, and also boasts Grayscale Investments as a subsidiary, which recently made headlines for accumulating 1% of all the Bitcoin in circulation. The company describes itself as “the epicenter of the bitcoin and blockchain industry”.
One of the founders of Decentraland is Esteban Ordano, who was previously involved in two DGC-related companies, Bitpay and Zeppelin. As a result, DGC has been open about their praise of the project and suggesting on Medium that the platform might be ahead of its time.
Travis Scher, Vice President of Investments at DGC, stated: “We continue to seek out under-the-radar projects that inspire us and where we can add unique value. In that vein, we’ve been spending a lot of our time on a project called Decentraland (DCL).” In the post, Scher went on to elaborate that DGC was interested in growing and developing the overall DCL ecosystem, and called the potential of the project “truly unlimited”.