In some ways, it’s the ideal real estate investment. Prices are relatively low. Zoning laws are virtually nonexistent. And the views are pretty much whatever you want to make them.
But, of course, there’s one small catch: The land doesn’t actually exist.
Nevertheless, a slew of companies, from entertainment conglomerates to banking behemoths, as well as early adopting individuals, are scooping up virtual territory in the metaverse — also known as Web3 — as this new immersive version of the internet slowly starts to take shape (see our previous guide to the metaverse).
Planet Hollywood is building a virtual Hollywood, where, its press release promised, users will be treated to a “first-of-its-kind backlot experience.”