First metaverse residential skyscraper takes shape

The first metaverse residential skyscraper is officially under construction as virtual real estate continues to grow in popularity.

The skyscraper, named Skylum, is being developed by Crypto House Capital, a virtual real estate firm with the goal of building a community within the metaverse.

Crypto House Capital, Chief Executive Officer, Tomas Nascisonis said the goal of the project is to create a community where people can come together and interact while allowing brands to find a presence.

Mr Nascisonis said physical buildings with virtual counterparts, or “digital twins,” a concept he defines as a “metareal city,” will have the advantage of appealing to existing communities. 

“A liveable space provides immediate use for people with shared interests and goals,” Mr Nascisonis said.

“Given this, communities will grow more vibrant as they move into the digital counterpart.

Phase 1 of the virtual skyscraper has apartments priced between four ethereum ($7504) and 11 ethereum ($20,638), at the time of publication.

According to Mr Nascisonis, a liveable space provides immediate use for people with shared interests and goals and communities will grow more vibrant as they move into the digital counterpart.

“With next-gen technology, users will be able to conduct real-life activities with customisable avatars,” he said.

“To scratch the surface, people will have fun by exploring the possibilities of concerts, lectures, fashion shows, nightclubs, and art galleries within a metareal city. 

“A new way of expression will emerge when we combine the online and offline sides of our lives, and people will want to explore this possibility of living and experiencing both worlds and taking the best from them.”

The rise of metaverse technologies has brought about a wave of interest in virtual real estate. 

Many platforms now offer programmable spaces, which brands have leveraged to enrich the customer experience, and plans as expansive as virtually immersive cities, or “metacities,” are currently underway in sectors ranging from tourism to environmental preservation.

While gaining headway, the metaverse still remains a new concept, leaving many potential investors wondering about the diversity of virtual spaces and their specific advantages. 

Aside from attracting existing communities, a city in the metaverse will also provide users with new means of creative expression with tools such as virtual reality.

Mr Nascisonis said users can share creative projects of all shapes and sizes, overcoming real-world limitations such as location and the expense of creating physical objects. 

While the ability to instantaneously connect, create and exchange content in close digital proximity will strengthen creative collaboration. 

“In our opinion, the most interesting area to work on is enabling people to express themselves,” Mr Nascisonis said.

“That’s why we think the community we’ll gather around the metareal city will be expected as people shift from web2 to web3, from centralised to decentralised economy and ownership.”

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Rowan Crosby

Rowan Crosby is a freelance journalist specialising in finance and real estate.