Crypto investment firm Digital Currency Group (DCG) has partnered with Jamestown, a real estate investment and management firm, to launch a recreated version of One Times Square on the Decentraland metaverse.
Known for its annual New Year's Eve Ball Drop, One Times Square has become a staple cultural site, with the event being broadcasted and streamed worldwide. The site itself is a 26-story structure built right in the middle of New York City's Time Square. The property is owned by Jamestown. Every year-end, the New Year’s Eve Ball Drop Celebration is hosted from its rooftop, with the event beginning at dusk. This year, the event will be replicated, except this time, it's on 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." shared Jamestown's President, Michael Phillips.
The virtual version of One Times Square on Decentraland will have its own digital New Year's Eve Ball, with its own event starting at an hour before midnight EST. This event marks the first time that a prominent cultural celebration such as the New Year's Eve Ball Drop is replicated into the metaverse. The metaverse New Year's Eve celebration will coincide with Decentraland's MetaFest 2022, a global party that would feature music and entertainment acts, rooftop VIP lounges, CryptoArt galleries, and immersive games.
"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." shares Simon Koster, DCG's Head of Real Estate.
Behind the metaverse instance of Decentraland's One Times Square are two metaverse development firms, GrowYourBase (GYB), a community-focused NFT platform, and MetaVenture Studios, GYB's in-house design and development studio. The One Times Square metaverse instance will be located at -106, -119 on the Decentraland platform, and is set to be the first high-rise build in Decentraland, featuring a recreation of the physical asset's digital signage and the New Year's Eve Ball. The metaverse build will span roughly 170 LAND parcels, and will include five other structures that have distinct exteriors and activated interiors.
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