Tokens.com acquire 50% stake in virtual real-estate firm Metaverse Group

Published at: Oct. 18, 2021

Publicly-listed cryptocurrency and blockchain investment firm Tokens.com has announced a landmark agreement to acquire a 50% stake in metaverse real estate firm Metaverse Group in a deal worth in excess of $1.6 million.

Tokens.com is expected to capitalize on the purchase — reportedly the highest purchase of a virtual real estate firm — through the development of asset opportunities for public retail investors seeking to gain greater exposure to nonfungible token, or NFT, and decentralized finance, or DeFi, assets.

Metaverse Group operates a service akin to a traditional real estate firm in that it engages in property acquisition, development and management, in addition to marketing and promotional services. However, the group differs immensely due to its adoption of blockchain technology, gaming and NFTs as well as a multitude of other technologies that comprise the metaverse.

While the true definition of the metaverse is still evolving to a unified consensus, for now, at least, the technology is considered to be a three-dimensional virtual environment where users can interact, socialize and progress. Fortnite and Roblox have given us some insight into this world, as did the Ernest Cline novel, Ready Player One. 

The Metaverse Group owns a collection of well-regarded plots of land and properties in some of the world’s most popular metaverse games: Decentraland, The Sandbox and Somnium Space, amongst others, with their global headquarters located in Crypto Valley of Decentraland.

Andrew Kiguel, CEO of Tokens.com, shared some insights into the potential impact of the space:

“The Metaverse is a game-changer for how advertisers and brands market their products. As more people congregate in these virtual cities, the land becomes more sought after for its ability to reach a new global demographic. Metaverse Group has the potential to be a major landlord and developer by using the same strategies used by physical real estate managers."

Related: The Metaverse, play-to-earn and the new economic model of gaming

Last month, tech behemoth Facebook advanced upon their intentions to build a metaverse with the launch of a $50 million research and development fund. The company expressed ambitions to construct a fully-fledged virtual world including a panoply of products and services within a timespan of a decade.

To execute this virtual vision, the firm is seeking 10,000 new employees from the European Union for roles ranging from specialized engineers, to virtual architects. 

Tags
Nft
Related Posts
Microsoft muscles into the Metaverse with Teams updates and Xbox upgrades
U.S. tech giant Microsoft is taking the plunge into the Metaverse via updates to its Teams and Xbox gaming console services, along with a new product called “Dynamics 365 Connected Spaces.” Microsoft CEO Satya Nadella announced the firm’s Metaverse plans for Teams and Spaces on Nov. 2 during the Microsoft Ignite conference. “The Metaverse enables us to embed computing into the real world and to embed the real world into computing. Bringing real presence to any digital space. What’s most important is that we are able to bring our humanity with us, and choose how we want to experience this …
Adoption / Nov. 3, 2021
Wear-to-earn NFTs target the billion-dollar fashion industry
The rise of the Metaverse and Web 3.0 are set to disrupt multiple sectors including the billion-dollar global fashion industry. As the world moves from physical to digital, traditional fashion design can transform into virtual wearables that can be leveraged in both augmented reality (AR) and in real life. Megan Kaspar, managing director at Magnetic Capital and member of Red DAO — a fashion-focused decentralized autonomous organization — told Cointelegraph she believes that digital fashion nonfungible tokens, or NFTs, will be the largest NFT category of Web 3.0: “Digital fashion NFTs include clothing, shoes, jewelry, accessories and more that can …
Adoption / Dec. 1, 2021
What are the top metaverse projects besides The Sandbox and Decentraland? | Watch The Market Report live
This week on “The Market Report,” we jump right into our main event. Join Cointelegraph analysts Benton Yaun, Jordan Finneseth, Sam Bourgi and Ornella Hernández as they debate each other on the top metaverse projects on the market. First up, we’ve got Bourgi’s pick of Wilder World, which allows you to interact with its immersive 3D world via nonfungible tokens (NFTs) and is also based on the massively popular Unreal Engine 5. Following Bourgi, we have The Market Report first-timer Hernández, who has decided to go with Boson Portal, which aims to revolutionize metaverse commerce. Will its high-profile partners such …
Decentralization / Feb. 15, 2022
There is room for the Metaverse in 2022, but the virtual space is far from perfect
It is hard to resist the vision spun to us by Meta (formerly Facebook) and other virtual world platforms. A digital utopia that can transform lives in multiple ways — whether how we socialize, work or even stay healthy — is a hard one to refuse. This is especially true when considering that these platforms are being described as the biggest technological disruption to human life and a multi-trillion dollar opportunity for businesses. However, there is skepticism from some that this is all too good to be true — at least for now. The technological architecture that would allow this …
Adoption / April 9, 2022
Former head of TikTok gaming leaves Web2 to build core Web3 protocol
Cointelegraph had the opportunity to chat with Jason Fung, former head of gaming at TikTok, about his new company Meta0, why he decided to make the leap into Web3 and what he feels the future has in store for him. The former gaming head expressed an elevated level of excitement, proclaiming that it was Day One for the fledgling Metaverse technology startup. Fung explained that he plans to bring his wealth of knowledge and experience in gaming and software development to achieve a grander version of what the Metaverse could be. “Many Web2 companies are trying to figure out how …
Adoption / July 8, 2022