A New Year's Eve Metaverse Party Is Here As Time Square Building Owner Enters Decentraland

Metaverse party

The real estate corporation behind one of America’s most opulent traditions is ringing in the year 2022 via a metaverse party.

The 26-story tower in the heart of New York’s New Year’s Eve ball drop is being recreated in Decentraland by Jamestown, the owner of One Times Square.

The initiative was unveiled on Wednesday as a collaboration with Digital Currency Group (DCG), a longtime supporter of Decentraland who owns significant amounts of the platform’s MANA and LAND tokens.

As the value of virtual real estate in popular metaverse games like Decentraland and The Sandbox rises, real-world real estate developers like Jamestown may get more involved.

Due to an increase in COVID-19 infections, the real Times Square ball drop will be limited to 15,000 socially distant and fully vaccinated attendees. The average attendance is 58,000 people, with many more watching on TV.

The game’s first high-rise skyscraper will be unveiled as part of the virtual One Times Square, which will encompass 170 parcels of Decentraland property.

According to a press release, the metaverse party which is tagged “MetaFest 2022” would feature non-fungible token (NFT) art exhibitions, rooftop VIP lounges, and virtual music performances. Through livestreams of New York City, virtual billboards will connect the experience to the event’s meatspace equivalent.

The amount spent on virtual real estate by Jamestown was not specified, while the effort was reported to be part of the company’s “bigger digital asset strategy.”

In a press statement, Jamestown President Michael Phillips stated, “The metaverse is a vital component of the growth of real estate and the built environment.”

“Whereas actual real estate is mainly limited to persons in close vicinity, the metaverse can provide meaningful access to locations to people all over the world through immersive virtual experiences.”

Read more: Are Metaverse Coins A Good Investment?

For the build, Jamestown and DCG enlisted the help of metaverse development businesses GrowYourBase and MetaVenture Studios.

Decentraland isn’t Jamestown’s only metaverse gamble, either. The company is also behind the VNYE app, which provides a new virtual space in which to experience New York tradition. Last year, VNYE made its debut.

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