This phenomenon has been made possible through a partnership between Decentraland, an Ethereum-based virtual reality platform, and Ripio Credit Network (RCN), a borderless peer-to-peer cryptocurrency lending network.

Decentraland is a decentralized application (dApp) that hopes to provide the infrastructure for a 3D-virtual world. That world, which has finite space, has been divided into 10m² parcels, each of which is represented by a non-fungible Ethereum token called LAND that can be bought and sold in the platform’s marketplace.

Developers can build games and other applications on their parcels using the Decentraland SDK, and, once the platform receives a full release, users will be able to use VR to explore the virtual world and interact with these applications.

Decentraland is still several major releases away from fulfilling this goal, but developers and speculators have nevertheless been sinking serious cash into virtual LAND. Just this week, one user set a record by paying $215,000 for a 126-parcel estate.