A NFT luxury mansion that will be a 1:1 replica of a home in Miami is being developed—and both will be sold at auction together at the end of 2022
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.
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Occupying the virtual home could be a game-changing experience. “The owner will be able to host in-home gatherings, events and meetings in the Metaverse counterpart,” Sierra tells Tatler Asia.
“Imagine sitting down at your computer for a Monday morning Zoom call—except this time, you are having that meeting in a three-dimensional space that exactly resembles your living room,” he adds.
“Five of your colleagues from around the world are standing in the room. Prior to starting the meeting, you walk them over to the in-home gallery [to showcase] your newest CyberKong NFT purchase.” A CyberKong is a unique and randomly generated NFT social avatar, which can be used in the Sandbox.
Building a NFT property in the Metaverse involves a very similar process to a real-life home, says Sierra. “Rather than handing the build off to a real-world contractor like myself, it goes to a game development team. With Meta Residence One, we are simultaneously doing both.”
The lot will be listed for auction by One Sotheby’s in 2022, with details yet to be disclosed.