Upcoming metaverse play-to-earn game Bit Hotel has raked in one of the largest sales of digital real estate ever, the platform announced Wednesday (Feb. 9).
Bit Hotel, a Web3 reboot of the flash game Habbo Hotel, is selling hotel rooms as non-fungible tokens (NFTs) and plans to list the rooms weekly.
According to the release, the game has “a nostalgic 8-bit design” and the ability to trade NFTs in-game, including characters, rooms and furniture.
Bit Hotel bills itself as an “online social NFT game” that could redefine the blockchain gaming industry, which uses the Bit Hotel Coin as an in-game currency. Per the report, players compete to collect NFT land, items and characters, which earns them income and allows them to display these NFTs to their friends.
The rooms will function as chatrooms where users can hang out or trade items, and players will be able to “battle” in games and earn rewards, redeeming them for in-game assets.
Like normal games, players will be able to earn the currency through playing, but they’ll also be able to cash out. The report also notes that games like this have recently sold millions of dollars’ worth of their digital real estate.
The metaverse could be subject to stringent regulations in the U.K., which would put Meta and other tech giants working on virtual worlds in danger of heavy fines.
Read more: Metaverse to Face Strict Online Rules in UK
The U.K.’s Online Safety Bill, set to be implemented in the near future, will impose an online duty of care for platforms and require the removal of illegal content.
It will likely be published by the U.K. government in the first quarter of 2022, and will also extend to material that is “lawful but harmful” for high-risk, high-reach services.
Ofcom, the U.K.’s communications regulator, will be the designated regulator for the metaverse in the U.K.
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