ONE Sotheby’s to Auction the First Real-World Home as NFT
One Sotheby's is debuting the world's first 'MetaReal' mansion, which combines a real-world residence with a virtual equivalent in the metaverse.
The popular metaverse The Sandbox has partnered up with ONE Sotheby's International Realty, Voxel Architects, and Meta Residence founder Gabe Sierra to offer a real-world home that also comes with a virtual home. Thus, the virtual residence will be accommodated 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 receive ownership rights to the physical home, which is scheduled to be completed in Miami in the fourth quarter of 2022. This is the first time something of this nature has been attempted.
“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,” said Gabe Sierra, Meta Residence founder. He also added, “By mimicking the real-world environment of the buyer, we are creating an experience that blends the lines between metaverse and reality. 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.”
ONE Sotheby's and Sierra have also purchased the equivalent of more than 40 acres in the metaverse for future projects that could include commercial properties, marketing, and gaming ventures.
The Miami residence will be constructed on a one-acre lot in one of the city's most prestigious neighborhoods. It will be 11,000 square feet in size and will have seven bedrooms and nine bathrooms. The virtual property will be an exact replica of this, and Voxel Architects are assisting in its development. The 'MetaReal' Mansion will be auctioned off in 2022, with a reserve price yet to be determined. Michael Martinez, ONE Sotheby's property exclusive sales agent stated that the transaction will take place on the Ethereum blockchain.