Digital Currency Group replicates One Times Square in Decentraland

Digital Currency Group (DCG), a venture capital company focused on the digital currency market, has partnered up with a global real estate firm Jamestown that owns One Times Square in order to recreate the 26-story tower in the Decentraland metaverse.

The Party Of A Lifetime

One Times Square, the premiere location in the world for outdoor advertising placements, is even more famous for the fact that every 31st December the ball is dropped from a pole on the roof of the building, marking the start of the new year.

Its owner, Jamestown, has decided to share the magical moment with the entire world since the actual Times Square ball drop will be limited to 15,000 people due to a rise in COVID-19 cases, contrary to the usual 58,000. On Wednesday, 29th December, the company announced a joint partnership with DCG , one of the largest owners of digital real estate in Decentraland.

The two firms have built a digital copy of the famous building in Decentraland and are currently preparing for the MetaFest 2022 global party featuring music and entertainment acts, rooftop VIP lounges, CryptoArt galleries, and immersive games.

Simon Koster, DCG’s Head of Real Estate, stated that “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.”

It’s unclear how much Jamestown has spent on the deal, although the company’s representatives state that the recreation of the building is part of the firm’s larger digital asset strategy.

“The future of real estate is the thoughtful integration of the virtual and physical worlds, optimized for user experience,” said Michael Phillips, President of Jamestown. “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. Recreating One Times Square in the Decentraland metaverse is part of a larger digital asset strategy to evolve and enhance our physical real estate for Web 3.0 and open new pathways for our assets to exist in multiple metaverses in the future.”

This is the first time that an important cultural event will be held in the metaverse.

“The Decentraland community is ready for this perfect capstone to an incredible year,” said Fede Molina on behalf of the Decentraland Foundation. “We can’t wait to ring in 2022 with friends all over the world and show off how far our ecosystem has come. The partnership between Jamestown and DCG to develop One Times Square embodies the beauty of Decentraland: brands and builders bring their diverse assets and ideas to our virtual world, and, in so doing, enrich the experience for all.”

Digital Currency Group along with Jamestown are getting ready to host the virtual New Year’s ball drop party in the Decentraland metaverse by replicating One Times Square online.