Real Estate Investors Take One Times Square to the Metaverse for New Year’s Eve Bash – Commercial Observer

Real estate investors leave no stone unturned – whether real or virtual – howDigital currency group (DCG) and Jamestown announced plans to open One Times Square in the virtual world of Decentralized country for the New Year’s Eve ball drop that was recently downsized by the city due to the spread of the Omicron variant.

DCG, a blockchain and digital asset investor and one of the largest virtual real estate owners, known as COUNTRY, said this is the first skyscraper to be recreated at Decentraland, the decentralized Metaverse platform that transacts local currency transactions. WHERE.

Michael Phillips, President of Jamestown believes the company’s foray into the metaverse was more about bringing more people around the world a full experience that they would otherwise not have access to. But it is also a statement about your future investment strategy.

“The future of real estate is thoughtful integration of the virtual and physical world, optimized for the user experience,” said Phillips. “The restoration of One Times Square in the Decentraland metaverse is part of a broader digital assets strategy to develop and improve our physical properties for Web 3.0 and to open up new avenues for our assets to exist in multiple metaverses in the future. “

So create your avatar and join the party which features entertainment performances, virtual VIP rooftop lounges, CryptoArt galleries and immersive games. There is even a live stream of what is actually happening in One Times Square on New Year’s Eve. The festivities begin at 11:00 p.m. Eastern Standard Time.

Celebrate New Years Eve in Times Square … in Decentraland! Https: //t.co/phe7qr10LY

– Decentraland (@decentraland) December 29, 2021

And the decision to bring people an immersive virtual experience could be exactly what many people need as COVID-19 has ruined many plans to usher in the new year.

Mayor Bill de Blasio announced on Dec. 23 that Times Square celebrations would be curtailed for social distancing, while attendees are required to wear masks, provide proof of vaccination and identify themselves. 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 an infection rate of 19.33 percent on Tuesday. Kathy Hochul said.

The virtual One Times Square is currently the tallest building in Decentraland and the event was organized by Metaverse development companies GrowYourBase and MetaVenture Studios.The total area on which the celebrations take place comprises 170 LAND parcels and includes five buildings.

Virtual real estate has experienced a transaction boom in the last few months with the four leading virtual worlds See more than $ 100 million in sales during a week in November. Decentraland also signed its largest LAND single month contract last month a whopping $ 2.5 million, The New York Times reported.

“The metaverse is rapidly evolving to bring together the most interesting and alluring parts of our favorite physical locations around the world.” Simon Köster, the head of DCG’s real estate division, said in a statement. “This event shows how virtual events can be integrated into real ones in order to provide unique experiences for so many who otherwise would never have been able to attend.”

Mark Hallum can be reached at [email protected].