Elevator Studio and entrepreneur Adam Weitsman have formed a joint venture to invest in and develop land in the metaverse. The duo recently completed a $1 million purchase of digital land inside of Big Time Studios multiplayer action role-playing game Big Time.
The new joint venture is actively purchasing digital real estate to build and develop a variety of metaverse businesses including entertainment venues, casinos and artistic projects.
“What we’re seeing now is a digital land version of the California Gold Rush. Land is in high demand, premium location lots are limited and highly coveted as so many people and brands are exploring the metaverse,” Weitsman added. “Opportunities to generate revenue within the metaverse are infinite and we believe the key is to secure prime real estate on which to build and operate, just like we all wish we could go back in time to buy land on Fifth Avenue in New York,” said Elevator Studio founder Dan Fleyshman.
Digital real estate purchases have been on the rise in recent months, with sales often exceeding $100 million per week. Prices and opportunities are only expected to increase as more investors and entrepreneurs stake their claims.
Adam Weitsman is an entrepreneur and investor. He is the CEO of Viridium LLC, a large, state-of-the-art crypto-mining farm with several locations throughout New York. He also founded Upstate Shredding – Weitsman Recycling, one of the East Coast’s largest scrap metal processors with more than $1 billion in annual revenue.
Big Time Studios, co-founded in 2020 by Ari Meilich and Thor Alexander, has assembled an all-star team of game industry veterans from the likes of Epic Games, Blizzard, EA and Riot, having contributed to some of the best loved franchises in gaming history, including Fortnite, Gears of War, Call of Duty, League of Legends, and Medal of Honor. Their fully remote team is working around the world, combining artistic prowess, technical innovation, and business leadership to set a new standard in gaming.