Less than a year after the first-ever NFT house sold for approximately US$500,000, the buzz surrounding virtual real estate has reached fever pitch.
A NFT home that will be a virtual counterpart of an 11,000 sq ft, seven-bedroom, nine-bathroom luxury mansion that is currently in construction in Miami will be sold in auction this year. The winning bidder will have ownership rights to both the Miami brick-and-mortar home and its virtual counterpart.
Dubbed Meta Residence One, the project is the first of its kind in the world. It is a joint venture by NFT firm Meta Residence and One Sotheby’s International Realty, both Miami-based; along with virtual reality specialists Voxel Architects.
The virtual abode is located in the Sandbox in the Metaverse, while the real-life home is on a property measuring over 1 acre in “one of Miami’s most sought-after neighbourhoods,” according to Meta Residence founder Gabe Sierra, who is also a luxury home builder and NFT collector.