Virtual Real Estate

Urbane, November 15th, 2008

by Madeleine O’Dea

Artist Cao Fei’s ambition to build a virtual city in the online world of Second Life is taking shape. Second Life is a virtual world where hundreds of thousands of netizens live out their dreams behind avatars of their own creation. Cao Fei plans to devote the next two years to the project, during which she hopes her RMB City will become home to a range of artists and cultural institutions. She is inviting them to buy space in her city, to build venues and hold events and activities there. Some units of RMB city real estate have already been sold, while others are on reserve. Two collectors confirmed to be moving in are the Ullens Center for Contemporary Art in Beijing, which will have a virtual center in the People’s Aerial Castle, and also art collector Uli Sigg, whose People’s Palace will be the RMB City Hall. The Financial Times has reported that prices ranging from USD 80,000 to 200,000 are being paid for space in the city, but those figures cannot be confirmed. Follow progress at www.rmbcity.com