NYC’s Times Square to Mark Presence in Metaverse, Time Magazine Partners The Sandbox

NYC's iconic Times Square will now have an address in the metaverse. TimePieces, the NFT initiative from Time Magazine, has struck a deal with The Sandbox metaverse to finalise the development. The Sandbox is a virtual gaming world where people build, own, and monetise their gaming experiences in the Ethereum blockchain. This virtual representation of the Times Square in The Sandbox metaverse is intended to serve as a culture and commerce centre, inspired by one of New York City's most vibrant areas.

Time President Keith A. Grossman has put out a call for virtual architects to participate in designing its digital avatar.

“Since launching TimePieces in September 2021, we have focused on developing a community in Web3 that benefited from the incredible 100-year legacy and access Time has established,” Grossman said in a blog-post, expressing ‘thrill' at this development.

Holders of TimePieces NFTs will be offered special rewards in the metaverse version of the Times Square. These include virtual access to discussions, events, screenings of Time Studios projects as well as educational experiences.

“The Sandbox is often viewed as a ‘virtual Manhattan', a vibrant space alive with culture, entertainment, and brands. By partnering with TIME, we're adding TimePieces as the beating heart and soul of this virtual Manhattan,” said Sebastien Borget, Chief Operating Officer and Co-Founder of The Sandbox, commenting on the partnership.

Meanwhile, the metaverse industry, as a whole, is witnessing expansion and adoption in several parts of the world.

The Sandbox had over 500,000 users as of November 2021, along with a bunch of high-profile partners.

Mastercard, the Standard Chartered Bank, and Warner Music Group are among popular names that have entered the metaverse world via The Sandbox ecosystem.

In fact, the office of Dubai's Virtual Assets Regulator also has a presence in The Sandbox.

An element of the Web3, the metaverse is essentially a fully functional virtual universe where people can exist, work, play, and socialise as avatars in a digital surrounding. Non-fungible tokens (NFTs) and cryptocurrencies make for integral parts of the metaverse sector.

As per a Fortune Business Insights report, the global metaverse market size was valued at $63.83 billion (roughly Rs. 5,00,502 crore) in 2021.

The same report estimates that the metaverse market could grow from $100.27 billion (roughly Rs. 7,86,235 crore) in 2022 to $1,527.55 billion (roughly Rs. 1,19,72,443 crore) by 2029, exhibiting a CAGR of 47.6 percent in the seven-year-time period in between.