ONE Sotheby’s Is Selling The First Real-World Home Through The Metaverse Using NFT Technology

Some might argue that 2022 is the year of the metaverse, and specifically, metaverse real estate.

Together, ONE Sotheby’s International Realty, Voxel Architects, along with general contractor and NFT collector Gabe Sierra are introducing the first ever ‘MetaReal’ mansion that includes a real-world home and a virtual counterpart in the metaverse. The virtual home will live within The Sandbox metaverse, a community-driven platform where creators can monetize voxel assets on the blockchain.

The buyer of the NFT asset will also acquire ownership rights of the physical home, set to be completed in Miami in Q4 of 2022. This is the first time something like this has been done.

The home in Miami will be built on a one-acre lot in one of the city’s most prestigious neighborhoods. It will span 11,000 square feet and include seven bedrooms and nine bathrooms. The virtual property will exactly mirror this, and Voxel Architects is helping to create it. The ‘MetaReal’ Mansion will be auctioned off in 2022 at a yet-to-be disclosed reserve price. The exclusive sales agent for the property is Michael Martinez of ONE Sotheby’s, who plans to execute the transaction on the Ethereum blockchain.

“The metaverse counterpart of the home will serve as an extension of the real-world home, allowing the buyer to host in-home meetings, events and parties with guests from around the world,” Meta Residence founder Gabe Sierra tells Forbes. “By mimicking the real-world environment of the buyer, we are creating an experience that blends the lines between metaverse and reality. Imagine fighting off a dragon, traversing over a mountain range, and finally arriving at your metaverse property, where you are greeted by your friends who are visiting to check out your new Bored Ape NFT. After interacting in your virtual living room, you exit the metaverse, and you are now sitting inside that same real-world house. That is the experience we are creating.” 

NFTs as they pertain to real estate are relatively new, and for those who have a hard time making sense of the concept, you’re not alone. In short, the metaverse is a virtual world and there are more than one. Facebook, for example, hopes to be the largest. The tech company changed its name to Meta earlier this year.

 Computer-generated worlds exist today through VR headsets or smart glasses, where people can play games or walk through fake, computer-generated forests. Meta Residence might be the latest to be part of The Sandbox, but other NFT enthusiasts have purchased property here, including Snoop Dogg. You can even attend his metaverse parties and get access to his exclusive NFTs. Other properties within The Sandbox include conference, commercial spaces, art galleries, hangout spots and other homes. The eco-system also runs on its own native token, SAND. 

ONE Sotheby’s and Sierra have also acquired the equivalent of more than 40 acres in the metaverse for future projects, which might include commercial properties, marketing and gaming endeavors.

“We believe that the metaverse is the next evolution of social connection and will play a role in the future of real estate in one way or another,” says Daniel de la Vega, president of ONE Sotheby’s International Realty. “Selling a real-world mansion through the metaverse is something no one has done before, and we feel this concept will create a very unique customer experience.”

It’s hard to tell for certain what the future of NFT real estate holds, but Sierra is confident it’s not going away anytime soon.

“In the future, we think it will be commonplace to have a metaverse extension of your home,” Sierra says. “As experiences become more and more immersive, the lines will continue to blend until reality and the metaverse are nearly indistinguishable. Over the next several years, you will see NFT technology used more and more to transact real world assets.”

This post first appeared on Forbes.com. To see the original, click here.