Digital Currency Group (DCG), a digital venture capital company, has collaborated with Jamestown, a real estate investment and management firm, to release a version of Times Square on the Decentraland metaverse.
Times Square has become among the most notable cultural sites, famously renowned for its yearly New Year’s Eve Ball Drop televised globally. This skyscraper is owned by Jamestown. And jumping into the digital adoption, this year’s event will be recreated in the metaverse.
“The future of real estate is the thoughtful integration of the virtual and physical worlds, optimized for user experience. The metaverse is an important part of the evolution of real estate and the built environment. Whereas physical real estate is largely limited to people with geographic proximity, the metaverse can give people around the world meaningful access to places through immersive virtual experiences,” said Michael Phillips, President of Jamestown.
Times Square’s digital version will hold its own digital New Year’s Eve Ball on Decentraland, together with its very own event to begin one hour before midnight EST. Note that this event is the very first prestigious cultural celebration to be recreated in the metaverse.
The New Year’s Eve celebration in the metaverse will simultaneously take place with a worldwide party featuring various music and entertainment acts, games, CryptoArt galleries, and VIP lounges, called Decentraland’s MetaFest 2022.
“The metaverse is quickly evolving to bring together the most interesting and alluring parts of our favorite physical places around the world. From destinations, to gaming, education, retail and more, we can expect the metaverse to revolutionize our current online experience. This event highlights how virtual events can cohesively integrate with real ones in an effort to bring once-in-a-lifetime experiences to so many that would have never been able to participate otherwise,” stated DCG’s Head of Real Estate Simon Koster.
Decentraland’s One Times Square is backed by two metaverse development firms, one community-focused NFT platform called GrowYourBase (GYB), and the other is the in-house design and development studio of GYB named MetaVenture Studios.