Here is how you can buy one home in two different worlds

Meta Residence founder Gabe Sierra partners with ONE Sotheby's International Realty and Voxel Architects to merge physical and digital real estate. Sierra Development would build the one-of-a-kind luxury home in Miami, while its digital twin will exist in a popular metaverse known as The Sandbox. 

Metaverse is a digital extension of the real world. And just like in real life, digital worlds have their own population, currency, and real estate. The new initiative offers to build and sell two homes, a digital and a physical one, for the price of one. Partners expect that the “MetaReal” mansion package will fetch eight figures.

The potential homeowner will acquire the ownership of an 11,000-square-foot, nine-bedroom home and its virtual replica, The Real Deal reports. The buyer will have a unique opportunity to host virtual gatherings in a one-to-one copy of their physical home. 

“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,” Gabe Sierra told Forbes. 

Real estate deals in the metaverse continue to grow. According to Meta Residence, in a few years, people will shop for real properties by visiting their digital twin in the metaverse. Recently, the company purchased 40 acres of digital space in The Sandbox for additional residential units and commercial space. 

Virtual platforms such as The Sandbox, Decentraland, CryptoVoxels, and Somnium Space make millions in digital land sales every week. At the beginning of March, The Sandbox celebrated two million registered users. It is hard to predict the future of virtual real estate, but, as of now, digital platforms continue to draw interest and attract significant revenues. 

Image credit:

The Sandbox

Resources:

“A Look at Real Estate Developments in the Metaverse,” by T.P. Yeatts (The Real Deal, 2022)

“ONE Sotheby’s selling first real home with a virtual counterpart in the metaverse,” by David Vendrell (The Future Party, 2022)

“ONE Sotheby’s sells the first real-world mansion in the metaverse,” by Dan Avery (Architectural Digest, 2022)

“ONE Sotheby’s Is Selling The First Real-World Home Through The Metaverse Using NFT Technology,” by Emma Reynolds (Forbes, 2022)

“Welcome To The Metaverse,” by Nina Bambysheva (Forbes, 2021)

“Top 10 Locations & Metaverse to Invest | Best Land in Metaverse | Best Properties to Invest in Metaverse,” by Niel Patel (Make An App Like, 2022)

“The Sandbox metaverse hits 2M users and launches Alpha Season 2,” by Dean Takahashi (Venture Beat, 2022)