It is unlikely that Manhattan’s Times Square will ever be put up for sale in its totality. Not in the real world, anyway. But, as we continue to work away in more and more virtual spaces, could investors (or should that be e-vestors) abandon the real world for a digitised world?
If they have the opportunity to buy such iconic landmarks, maybe. And it’s not a faraway dream. Blockchain and digital assets investor Digital Currency Group celebrated new year by joining up with global real estate investor Jamestown to recreate One Times Square in Decentraland – a decentralised virtual world.
Unlike the real New York, anyone can enter Decentraland and buy “land”. Perhaps even One Times Square. DCG is one of the largest owners of “land” in Decentraland, while Jamestown owns the real life One Times Square. But, according to magnanimous Jamestown president Michael Phillips, the building shouldn’t just be for them, it should be for the whole world.
“The metaverse is an important part of the evolution of real estate and the built environment,” he told us. “Whereas physical real estate is largely limited to people with geographic proximity, the metaverse can give people around the world meaningful access to places through immersive virtual experiences. Recreating One Times Square in the Decentraland metaverse is part of a larger digital asset strategy to evolve and enhance our physical real estate for Web 3.0 and open new pathways for our assets to exist in multiple metaverses in the future.”
Thanks to Marvel, Diary is all about the multiverse right now – but maybe things like this will get us to dip into the metaverse too.
Mound the death knell
And so, as 2022 begins, we bid a very fond farewell to one of the icons of 2021 – something of a hulking metaphor for a year that offered much hope, only to descend into disappointment. We are talking, of course, of the Marble Arch Mound, which will close to the public on 9 January and begin its rather ignominious end. Ignominious… and drawn out. Deconstruction works begin on 18 January, but it will take four whole months for contractors to wipe the ill-conceived tourist attraction from the London map. That means Labour politicians can still use it for point-scoring until at least May. “The Marble Arch Mound has been a disaster from start to finish,” says Westminster councillor and Labour city management spokesperson Paul Dimoldenberg, seizing the opportunity for scorn. “Costs have trebled from £2m to £6m. It has been dubbed ‘London’s worst tourist attraction’ and has made the council a national and international laughing stock.” The Conservative authority could do worse than adopt a Captain Jack Sparrow philosophy in response. Sparrow, of course, was told by Admiral James Norrington: “You are without a doubt the worst pirate I have ever heard of.” His response? “But you have heard of me.” The same is most definitely true of Westminster and its misbegotten Mound.
We can be heroes
Diary is yet to experience its 15 minutes of fame promised by Andy Warhol – but initiatives like the one run by developer Spacemade give us hope that our chance will come one day. The new public exhibition at its flexible neighbourhood workspace The Loft in Queen’s Park, NW6, is titled “Local Heroes” and, as you might have guessed, celebrates the area’s business heroes and enterprise talent. Until 22 January, visitors can take in photographs of eight local entrepreneurs, founders and innovators, presented alongside their business stories. According to Spacemade co-founder Dan Silverman: “The way we interact with our local town or city neighbourhoods is changing in exciting ways. Spacemade is committed to spotlighting the exciting business talent that chooses to locate itself locally. We plan to launch more exhibitions like this at our spaces in London and beyond.” Diary is ready for our close-up when you are.
Carpool shark
Move over James Corden (please!). Strettons’ director of auctions Andrew Brown is showing that he too is a dab hand at driving while filming a coherent interview, with his very own YouTube series. This is less Carpool Karaoke and more Carpool Catalogue, as Brown chats through upcoming auction highlights. Managing director Simon Tilsiter proved a worthy guest in episode one, in which the duo chatted through the opportunities in its December sale, such as a rather tasty Domino’s pizza restaurant in Hendon, guided at £1.35m (still available by the way), or a library in Colchester well worth checking out (sold for £161,000). Diary keenly awaits episode two and is crossing its fingers that Brown and guest will add in a few karaoke classics for extra effect. Money, Money, Money, perhaps? The Manic Street Preachers’ Everything Must Go? Or how about the country music hit, Sold (The Grundy County Auction Incident)?
Moving to Splitsville
Did you file for divorce this week? Everybody, we are told, is doing it. So much so that family lawyers call the first day back to work after Christmas “divorce day”, as it is typically the busiest date in the calendar for petitions. After prolonged periods of lockdown in 2020 and 2021, the festive season may well have been the final straw for even more couples than usual. Still, out of crisis comes opportunity – and not just for those family lawyers.Each marriage split tends to mean an increase in property demand, as gradual homeownership provider Wayhome is quick to remind us. CEO Nigel Purves got in touch to share his top tips for consciously uncoupled couples on “what comes next?”
Number one, spend some time with your finances: only once you have a clear understanding of your budget can you make a decision about your new home.
Step two, do your research – which, unsurprisingly, includes checking out alternatives to mortgages, such as gradual homeownership.
And three, be realistic – it is important not to stretch your budget and monthly payments to the absolute limit.
“Unfortunately, buying as a singleton is much harder than as a couple,” Purves warns. “Many divorced people end up trapped in a renting cycle, even if they have the money from the divorce for a deposit. Huge proportions of the UK are disenfranchised from homeownership because the mortgage system doesn’t work for them. It’s time for real innovation in the market, in order to help people get back on the ladder and back on their feet.”
There’s a lot of focus on the plight of first-time buyers, perhaps some thought should be spared for second-chancers too?
Contact diary@eg.co.uk
