Barbados will become the first sovereign state to develop its own embassy within a ‘metaverse,’ with the Caribbean island set to legally declare digital real estate land within the immersive online realm.
The Barbadian ministry of foreign affairs and foreign trade signed an agreement on Sunday 14 November with Decentraland, a virtual reality platform powered by the Ethereum blockchain.
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Decentraland is known for allowing its users to buy plots of land that they can navigate, build upon and monetise.
According to CoinDesk, Barbados is also on the brink of signing agreements with Somnium Space and SuperWorld, as well as other metaverse platforms.
Metaverses have been making the news recently, following Facebook’s decision to rebrand as ‘Meta’, as it switches its focus away from social media and towards the future.
Other companies such as Nike have also reported to be entering into the metaverse world, with the sportswear company recently applying for its name, swoosh logo and "just do it" slogan to be used in virtual goods.