VRJAM reveals ‘VRJAM Venues’, the world’s first digital real estate exchange for the metaverse

London, 25th April 2023 — Immersive technology pioneers VRJAM today announce the release of ‘VRJAM Venues’ a groundbreaking new technology solution for the valuation and trading of virtual real estate and commercial property in the metaverse using VRJAM’s native utility token $VRJAM.

VRJAM Venues is a public realm development and finance platform that empowers anyone who owns a building in a game or on a metaverse platform to clone their building on the VRJAM platform and then commoditize it using fractional shares of ownership called ‘Location NFT’s’ that can be bought and sold using the VRJAM Marketplace.

The Location NFTs that are rendered in connection with an existing building or commercial property in a game or metaverse platform represent the market value and ownership of the building for which they have been published.

Owners of buildings in other metaverse platforms (including platforms like Decentraland and Sandbox) can now monetize the buildings they create on these platforms instead of just buying and selling the land on which these buildings are erected. Location NFT’s are also available for venues that are native to the VRJAM platform.

Exciting real estate developments that leverage VRJAM Venues have already been announced including ‘Planet Polygon’ a virtual e-sports and entertainment venue for the Polygon Layer 1 Blockchain.

Using VRJAM’s Venue Staking Pools de-fi solution, virtual real estate developers can actually raise fiance for their Venues prior to launch by pre-selling Location NFT’s. Thus empowering them to crowd-source the cost to develop virtual real estate in any game or platform.

What makes this solution even more remarkable is that when a commercial property from a game or another metaverse platform gets cloned on VRJAM, it has all the awesome live event features that make VRJAM experiences unique automatically built in. This means that the cloned property will look exactly as it does in its original game space, however, it will have VRJAM’s native visual effects sytem, motion capture tech, avatar design studio, and lighting control technology hard-wired in!

This means that cloned venues from other games and platforms become live event spaces (with all VRJAM’s unique features) that empower property developers to use their virtual real estate to create live events and engage their communities in ways that just aren’t possible in other games and platforms.

Location NFT’s can be bought, sold and traded on the VRJAM Marketplace, and with the advent of this remarkable solution, the VRJAM platform will become the first exchange for virtual, commercial real estate on the internet, empowering gamers, publishers (including other metaverse platforms) and everyday people to value, monetize and trade the virtual real estate they own.

The beta v1 release of VRJAM Venues goes live on Wednesday 26th April at midday EST time and a version 2 update will be published in early May that will further refine and expand the features available to virtual real estate owners.

Later in the year, a turnkey solution for ‘teleporting’ between a cloned venue on VRJAM and the venue’s original home in another game or platform will be launched, empowering users to seamlessly switch between platforms and games. This technology will operate alongside a multichain bridge allowing VRJAM NFT’s to become transferable between different games and platforms.

To enquire about how to make your virtual real estate development available for sale using VRJAM Venues, please email venues@vrjam.com and a member of the VRJAM team will reach out to discuss your requirements.

“We’ve been working toward this moment for 4 years and its finally here! We’re beyond excited to finally reveal VRJAM Venues and continue to revolutionize the way business is done in for the web3 world. The first iteration of VRJAM Venues goes live this Thursday but this is only the beginning. We have an array of remarkable new features that will help deepen the effectiveness of the VRJAM Venues def-fi solution due for release in the weeks and months ahead, and we’re looking forward to unveiling these as we take the VRJAM Venues real-estate exchange to the world” — Sam Speaight, CEO, VRJAM.