Home Hollywood The Metaverse Gets Its Very Own Hollywood Studio

The Metaverse Gets Its Very Own Hollywood Studio


Hollywood, known for creating vivid virtual worlds, is dabbling in their ultimate iteration: the Metaverse.

Game company Animoca Brands is working with Planet Hollywood to build an out-of-studio set in metaverse platform The Sandbox, the company said in a statement. The partnership, dubbed Meta Hollywood, bought a virtual episode in The Sandbox where a pixel “land” cost about 2.2 ethereum, or $2,700. It doesn’t say how many pixels are involved in the deal.

Metaverse attracted investors who saw an opportunity to build a virtual environment to attract online visitors. Jamestown Properties, the owner of New York City’s 25-story landmark Times Square, built a virtual version of the property last year on another metaverse platform, Decentraland. Jamestown President Michael Phillips told TRD in January that he hopes it will entice people to buy real estate as an opportunity to make money from content.

However, the value of cryptocurrencies has plummeted recently, which means that the price of virtual land has also dropped. In November, when Ethereum peaked, the same plot in the sandbox was worth about $10,500.

Both Animoca and Planet Hollywood are betting on the long-term success of virtual worlds. Like at Warner Bros. Studios or Universal Studios in Los Angeles, visitors to the duo’s new studio can see action films, attend premieres and visit a museum with real-life memorabilia from Planet Hollywood.

Other companies, including the Metaverse Group, have dedicated land in the Metaverse world to build entire communities. Metaverse created a luxury fashion district and held fashion week events in In Decentraland, with more than 70 brands showcasing their pieces online.

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Decentraland doesn’t have the Hollywood District yet – but there are gambling, shopping and art districts.

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