Quick take:
- Graystone Company is opening a division dedicated to metaverse real estate.
- The company planned to dive into virtual real estate properties in Q4, 2022 but has chosen to accelerate the process.
- Graystone is a mining property developer that has recently diversified to crypto mining.
The US mining property developer Graystone has opened a division dedicated to exploring investment opportunities in the metaverse. The new department will target virtual property investment projects in the virtual world.
Graystone is expanding to real estate development in the metaverse. The company said it targets to buy real estate parcels in Decentraland. It has set aside a budget to cater for its new venture as the metaverse craze continues to attract more mainstream companies looking to diversify their businesses.
Graystone planned to start buying digital land in Q4, 2022 but decided to accelerate the process, opening a separate corporate division in February.
It becomes one of the first mining property developer to target emerging opportunities in the digital world, following in the footsteps of fashion and retail brands that have already shown their hand.
Besides buying and developing parcels in the metaverse, the new division will also be seeking joint venture opportunities and collaborations with other like-minded firms looking to shift gears into the 3D virtual world.
Decentraland, the world’s largest 3D virtual platform by market capitalisation, hosts several metaverse projects including gaming, virtual offices, and real estate properties.
Graystone wants to pounce on the opportunity created by the explosive growth of the metaverse over the last six months with its new venture. The company said it expects the metaverse to become a $1 trillion annual revenue industry with great marketing potential.
Speaking following the announcement, Anastasia Shishova, President of The Graystone Company said the organization was very excited by the new initiative and was looking to purchase its first project on Decentraland.
“Just like traditional real estate, an area I have extensive experience in, properties in the virtual 3D platform can become more valuable and be redeveloped, leased or sold for profit,” she said.
Highlighting the company’s plans for making major changes to its operations in 2022, Shishova said “this opportunity not only signifies Graystone’s initial step into the Metaverse but also brings us closer towards the main goal to make 2022 a transformational year for our business.”
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