Among investors, there’s a sense that there’s gold in those pixelated hills, Mr. The internet may be infinite, but virtual real estate is not - Decentraland, for example, is 90,000 parcels of land, each roughly 50 feet by 50 feet. The Metaverse Group has a real estate investment trust, and it plans to build a portfolio of properties in Decentraland as well as other realms including Somnium Space, Sandbox and Upland. Louis Vuitton, Gucci, Burberry and other luxury brands have already entered the metaverse via NFTs, a move that makes company executives optimistic that the tower will soon generate revenue from leases and advertising for brands like these. Since that acquisition, has broken digital ground on a tower in Decentraland. “Rather than try to create a universe like Facebook, I said, ‘Why don’t we go in and buy the parcels of land in these metaverses, and then we can become the landlords?’” said Andrew Kiguel, a co-founder and the chief executive of. Decentraland also has districts for gambling, shopping, fashion and the arts. Metaverse Group is based in Toronto but has virtual headquarters in a world called Decentraland in Crypto Valley, which is the metaverse’s answer to Silicon Valley. In October,, a blockchain technology company focused on NFTs and metaverse real estate, acquired 50 percent of Metaverse Group, one of the world’s first virtual real estate companies, for about $1.7 million. The global market for goods and services in the metaverse will soon be worth $1 trillion, according to the digital currency investor Grayscale. Interest in this digital universe skyrocketed last month when Mark Zuckerberg announced that Facebook would be known as Meta, an effort to capitalize on the digital frontier. Preparing for a digital land boom that appears just months away, they are snapping up concert venues, shopping malls and other properties in the metaverse. Bieber’s avatar sing songs from his hit album “Justice.” Investors were watching, too. Like recent performances from Ariana Grande, the Weeknd and Travis Scott, this concert was held in the metaverse, the online world that stretches the corners of the internet into immersive, four-dimensional experiences.įans from all over the globe watched Mr. Justin Bieber performed at a live concert this month, but the show wasn’t in a stadium or an arena. To hear more audio stories from publications like The New York Times, download Audm for iPhone or Android.
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