German fashion designer Philipp Plein is joining the metaverse craze as his company the Plein Group acquired a piece of a virtual 3D land in Decentraland for $1.4 million, Women's Wear Daily (WWD) has learned.
The real estate dubbed "Plein Plaza," which will include stores, entertainment, an art museum, a hotel, and luxury residences is said to be located in a prime location near one of the Genesis Plazas.
According to the report, the deal was performed by the fashion group under the alias Bug$ Bunny in cooperation with Portion CEO Jason Rosenstein, who will be also involved in the development of the project.
The German fashion designer said he's proud to be a pioneer in the metaverse as the idea of virtual Internet is still early on in development:
We are there to stay and to develop and share the creativity of all our brands — Philipp Plein, Plein Sport and Billionaire — also in this new dimension of human interaction in which I personally believe a lot.
However, for Plein, this isn't the first crypto-related initiative as in January the Philipp Plein men’s fall 2022 presentation featured sculptures of monsters made in a form of non-fungible tokens (NFTs).
In December 2021, To The Moon reported that Decentraland also got its own 3D copy of Times Square on New Year's Eve as part of the initiative supported by DCG and real estate firm Jamestown.