The protocol aims to create a free port where users can trade tokenized items for real-world products.
Boson Protocol announced yesterday that it has purchased a virtual land parcel in Decentraland in a six-figure transaction. The protocol operates by automating digital-to-physical redemptions using non-fungible tokens (NFTs) designed with game theory principles.
Decentraland is a virtual reality platform where users can build, explore and monetize their creations. The virtual map is divided into LAND parcels—represented by NFTs—that owners can develop into experiences and games, and even charge other users for access.
Boson Protocol’s new parcel is located in the gaming district of Vegas City and represents the largest LAND transaction in Decentraland to date in terms of US dollars.
Boson’s efforts to bridge the digital and physical worlds support its goal of creating an open token economy for commerce, and the newly acquired LAND will play a central role in that mission.
The virtual space will encourage commerce and innovation by establishing a free port where creators, artists and sellers can use tokenized representations of real-world products to reward players. Those tokens can then be exchanged for physical goods in the real world through in-store redemptions.
Augustin Ferreira, head of the Decentraland Foundation, said: “The Decentraland Foundation welcomes Boson Protocol. We believe they will help expand the platform with their approach to evolving decentralized virtual commerce. This purchase is a huge step forward, paving the way for other metaverse users and demonstrating how quickly the gap between the virtual and the real world is closing.”
Boson Protocol has seen several recent developments, including new partnerships with Orion Protocol, Bridge Mutual, Ocean Protocol and Royale Finance, among others. The project also raised $10 million in private funding, followed by $25.8 million in a public sale earlier this year.
Justin Banon, cofounder of Boson Protocol, commented on the acquisition: “We have incredibly ambitious plans for the land. By enabling the purchase of something within the metaverse and then taking physical possession of it in the real world, we unlock new and exciting experiences that capture the promise of dCommerce. This allows brands to engage directly with customers without intermediaries. There is enormous potential for commerce in virtual worlds, and we look forward to bringing the decentralized autonomous commerce revolution to the forefront of the metaverse. Watch this space.”