The owner of New York City's Times Square skyscraper entered the metaverse by producing a virtual replica of the structure for Decentraland, a popular virtual space amongst those that are actively investing in cryptocurrency. For the 'MetaFest 2022' event, Decentraland will reveal the legendary One Times Square on the night of December 31st. It will be the metaverse's tallest (26-story) structure.
The event's description states, "There will be music, dance parties, rooftop VIP lounges, CryptoArt exhibits, interactive games, a Ball Drop you will never forget, and wearables and souvenirs to take with you into the year ahead."
Jamestown, a real estate business, has teamed up with Digital Currency Group (DCG) - a Decentraland enthusiast who is known to buy altcoins and is holding a huge amount of MANA and LAND tokens.
"The metaverse is an integral aspect of the growth of real estate and the built environment," Jamestown President Michael Phillips stated in a press statement. Whereas actual real estate is mainly confined to those in close vicinity, the metaverse may provide meaningful access to locations to people all over the world through immersive virtual experiences."
On the other hand, due to the Omicron epidemic, the real-life Time Square has a restriction of 15,000 vaccinated attendees. The appeal of virtual real estate in the metaverse is rapidly growing. As a result, several real estate firms have entered the digital land market.