Jamestown plans New Year’s ball drop at metaverse Times Square

Real estate investor partnered with Digital Currency Group for Decentraland party

National /
Dec.December 30, 2021 09:30 AM
Jamestown president Michael Phillips (Jamestown/One Times Square)

Jamestown president Michael Phillips (Jamestown/One Times Square)

A recent surge in Covid-19 cases has scaled down Times Square’s iconic New Year’s Eve celebration, but Jamestown Properties and Digital Currency Group are ringing in the new year in a new way.

The firm announced Wednesday plans to host a virtual ball drop celebration at a digitally fabricated Times Square in Decentraland, one of the two main metaverses. The virtual One Times Square drops on New Year’s Eve with the “MetaFest 2022” party slated to feature entertainment, immersive games and live streams of the real Times Square on digital billboards.

It’ll be a busy night for Jamestown. The firm behind Manhattan’s Chelsea Market and San Francisco’s Ghirardelli Square also owns the real One Times Square, a 22-story tower that holds the ball at the center of each year’s New Year’s Eve Ball Drop Celebration.

Metaverse development firms GrowYourBase and MetaVenture Studios built the virtual One Times Square, which they claim marks the first high-rise in Decentraland.

The metaverse is useful to real estate because it allows people to access places without being geographically close to them, Jamestown president Michael Phillips said.

“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,” Phillips said in a statement.

Phillips previously told The Real Deal’s T.P. Yeatts that he saw the virtual landscape as a natural extension of the internet and “smartphone culture” that could complement traditional real estate in the same way as mobile technology.

As the metaverse attracts attention from larger investors and major social media companies, public squares have emerged as prime real estate.

Decentraland recently set a record for the largest ever virtual land deal, when Tokens.com Corp. spent $2.4 million for an “estate” in the metaverse’s fashion district.





    Related Articles

    arrow_forward_ios
    Equity Group Investments chairman Sam Zell (Getty, iStock)
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    Office market’s recovery will outpace retail amid “viability” questions, Zell says
    (iStock)
    CRE sales hit record $809B in 2021
    CRE sales hit record $809B in 2021
    Steven Pozycki, chief executive officer, SJP Properties, in front of 111 River Street in Hoboken, NJ (SJP Properties, LoopNet, iStock)
    SJP, David Werner buy waterfront Hoboken office, retail property
    SJP, David Werner buy waterfront Hoboken office, retail property
    SUNY WCC President Belinda Miles and the Cross County Center in Yonkers (Great Ink Communications/Marx Realty)
    College leases 40K sf at ex-Sears in Yonkers
    College leases 40K sf at ex-Sears in Yonkers
    Meridian Capital’s Ralph Herzka with 165 Central Avenue, 198 Scholes Street, 11 Gunther Place in Brooklyn (Getty, Google Maps, Apartments)
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Meridian Capital could get exclusive on All Year’s $1B portfolio
    Southampton Town supervisor Jay Schneiderman (jayschneiderman.com, Google Maps)
    Southampton Town considers buying 40 acres
    Southampton Town considers buying 40 acres
    Alan Feldman, chief executive officer, president & chairman of the board, Resource REIT; Stephen Schwarzman, chairman, ceo & co-founder, Blackstone (Resource REIT, Getty Images, 1000 Spalding Apartment Homes)
    Blackstone to pay $3.7B for REIT in latest rental push
    Blackstone to pay $3.7B for REIT in latest rental push
    360 Kingsland Avenue in Greenpoint, Brooklyn (Google)
    Sitex Group pays $30M for Greenpoint industrial property
    Sitex Group pays $30M for Greenpoint industrial property
    arrow_forward_ios

    The Deal's newsletters give you the latest scoops, fresh headlines, marketing data, and things to know within the industry.

    Loading...