The first-ever “MetaReal” residence is being built in Miami, along with a virtual counterpart home that will exist in the metaverse.
ONE Sotheby’s International Realty, Voxel Architects, and Meta Residence founder Gabe Sierra have teamed up to offer a real-world home that also comes with a virtual home in the popular metaverse The Sandbox. The NFT home is being called ‘Meta Residence One.’
The move will be the first-ever real-estate deal that combines a real-world asset with NFTs and the evolving metaverse. Whoever wins the auction for the digital asset will also receive ownership rights to the physical home, which is expected to be completed sometime in Q4 of 2022.
According to Meta Residence founder Gabe Sierra tells, “By mimicking the real-world environment of the buyer, we are creating an experience that blends the lines between metaverse and reality.”
The real-world mansion is located in one of Miami’s most prestigious neighborhoods and spans 11,000 square feet, including seven bedrooms and nine bathrooms.
The virtual property, which is being created by Voxel Architects, will mirror the physical property, and be auctioned off sometime in 2022 for an undisclosed amount. The transaction will be completed on the Ethereum blockchain.
What is The Sandbox Metaverse?
The Sandbox is a community-run platform that enables creators to monetize voxel assets on the blockchain. In recent years, its popularity has skyrocketed. In December 2021, a piece of land in The Sandbox sold for $4.4 million, and celebrities such as Snoop Dogg and brands including Gucci have all staked out land in the metaverse.
The Sandbox has also secured partnerships with over 150 brands and companies, including Adidas, The Walking Dead, The Smurfs, CryptoKitties, and Atari.
Although the implications of NFTs in real-world real estate have been widely discussed, this is the first time a real-world home is being sold as an NFT that includes a corresponding digital home in the metaverse.
The metaverse mansion is expected to be auction off on ONE Sotheby’s sometime in the first quarter of this year. It will serve as an extension of the real-world home, a digital space where the owner can host meetups and virtual events with guests from around the world.
The real-world mansion isn’t expected to be completed until the end of 2022.
It should come as no surprise the home is being sold in Miami, which has become a cryptocurrency hub in recent years.