Barbados, a country in the Caribbean region, is opening a diplomatic embassy in the Metaverse to be located in Decentraland.
The virtual embassy run by the 287,370-populated nation would be accessed by anyone globally via a VR headset or any computing device.
Barbados Ambassador to the United Arab Emirates, Gabriel Abed, says that a virtual embassy is currently inevitable, and is bound to change how diplomatic business is conducted.
Abed says that the inter-government opportunities when the geographic locations go digital are boundless.
Decentraland, which has seen a surging interest in its virtual real estate, is now hosting concerts, shopping malls, and conferences.
A piece of virtual real estate went for $2.43 million. Mega brands like Christian Dior, Ralph Lauren, and Gucci are already listing virtual apparel in the new ecosystem.
Grayscale has reportedly forecasted the business to be a trillion-dollar revenue undertaking.
Source: Bloomberg
