Jamestown invests $500 million to build Metaverse in New York Times Square

The real estate development company has announced its plan to bring the Metaverse to New York Times Square.

May 13, 2022
by Michael
Jamestown invests $500 million to build Metaverse in New York Times Square
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The Metaverse has witnessed massive entry from major global industries and establishments in the past year. These brands seek to connect with a younger generation while establishing a virtual presence to promote their project and join the evolving cultural shift.

In line with the above, Jamestown, the real estate firm behind real-life developments such as Manhattan’s Chelsea Market, Brooklyn’s Industry City, and Ghirardelli Square in San Francisco, among others, has announced its commitment to bringing the Decentraland virtual experience to the busiest place on earth – New York’s Times Square.

The investment is worth $500 million and emphasizes a mixture of virtual and augmented reality installations on the New York Skyscraper. Furthermore, the development plan includes:

  • A viewing platform.
  • A six-floor museum experience.
  • A new subway entrance to transport pedestrians into the Metaverse.

Commenting on the investment, the President of Jamestown, Michael Philips, said:

 “We designed the metaverse and virtual experience, which we will now build on, which I think is the really compelling piece of how physical real estate looks with the technology now available in the digital world.”

The Real estate firm believes in the potential of the Metaverse to create connections between people across the globe while proving to be a fundamental tool in the advancement of commerce, art, and technology.

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