Real estate investors leave no stone unturned, real or virtual, becauseGroup of digital currency (DCG) and Jamestown on Wednesday announced plans to recreate One Times Square in the virtual world of Decentraland for the fall of the New Year’s ball, recently reduced by the city due to the spread of the omicron variant.
DCG, investor in blockchain and digital assets and one of the largest owners of virtual real estate known as EARTH, said this marks the first skyscraper to be recreated in Decentraland, the decentralized metaverse platform where transactions are made with local currency, MANA.
Michael phillips, president of Jamestown, believes the company’s foray into the metaverse was more about giving more people around the world an immersive experience they might not otherwise have access. But it is also a statement on their future investment strategy.
âThe future of real estate lies in the thoughtful integration of the virtual and physical worlds, optimized for the user experience,â said Phillips. âRecreating One Times Square in the Decentraland metaverse is part of a larger digital asset strategy to evolve and improve our physical real estate for Web 3.0 and open new avenues for our assets to exist in multiple metaverse in the future. . “
So create your avatar and join the party that features live shows, virtual rooftop VIP lounges, CryptoArt galleries, and immersive games. Even a live broadcast of the proceedings at One Times Square will be offered on New Years Eve. The festivities begin at 11 p.m. EST.
Celebrate the New Year in Times Squareâ¦ at the Decentraland!https://t.co/phe7qr10LY
– DÃ©centraland (@decentraland) December 29, 2021
And the decision to give people an immersive virtual experience may be what a lot of people need, as COVID-19 has killed many plans to ring in the New Year.
Mayor Bill de Blasio announced on Dec. 23 that celebrations in Times Square would be downsized for social distancing purposes while attendees would be required to wear masks, provide proof of vaccination and present identification. De Blasio made the decision in agreement with the elected mayor Eric adams and health officials as the rate of positive COVID cases continues to rise, with the state recording a 19.33% infection rate on Tuesday, Gov. Kathy hochul noted.
Virtual One Times Square is currently the tallest building in Decentraland and the event was hosted by metaverse development companies. GrowYourBase and MetaVenture Workshops.The total area on which the celebrations will take place spans 170 plots of LAND and includes five buildings.
Virtual real estate has seen a transaction boom in recent months with the four main virtual worlds see over $ 100 million in sales for a week in November. Decentraland also landed its biggest LAND contract last month for a $ 2.5 million, The New York Times reported.
“The metaverse is evolving rapidly to bring together the most interesting and alluring parts of our favorite physical places across the world,” Simon koster, DCG’s real estate manager, said in a statement. âThis event highlights how virtual events can cohesively integrate with real events with the aim of bringing once-in-a-lifetime experiences to so many people who would never have been able to participate otherwise.â
Mark Hallum can be contacted at [email protected].