Virtual-property prices are going through the roof

“RIDICULOUS AND cool.” That is the architectural brief for a new office tower under construction in the Crypto Valley, a business district of Decentraland, a virtual platform built on the Ethereum blockchain. The edifice—owned by Tokens.com, a blockchain investor—will be a cross between a nightclub in Ibiza and the Bellagio resort in Las Vegas. In a fantasy world unencumbered by something as pedestrian as physics, a rotating company logo will float above the tower as nearby clouds shoot out company-branded thunderbolts. The tower’s purpose—to provide office leases for firms and event space for crypto conferences—is humdrum by comparison.

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