11,000-squarefoot mansion to be sold through NFTs, Metaverse technology

abdelaziz Fathi

As Miami remains at the forefront of cryptocurrency commercial activity, ONE Sotheby’s International Realty is joining forces with Sierra Development and Voxel Architects to tokenize an 11,000-squarefoot mansion.

Sitting in one of Miami’s most sought-after neighborhoods, both firms are collaborating with developer Gabe Sierra for Meta Residence. The dream home, which boasts seven bedrooms and nine bathrooms, will have a virtual counterpart with the winning bidder being awarded a non-fungible token (NFT) as proof of the home’s ownership.

The property’s sale will be executed on the Ethereum blockchain, though a minimum price for this ultraluxurious mansion has yet to be determined. The transaction is set to be completed in Miami in Q4 of 2022.

After the NFT auction, a digital token will exist inside the metaverse where it can be bought, sold, exchanged in various forms including images and audio. The real estate-backed token can be used as collateral for crypto borrowers and lenders.

“My vision of where this ends up is builders and creators building out digital extensions of real-world experiences. Whether it’s a house or hotel, you can build a mirror and extend on that for a digital extension of these real-world environments,” general contractor and NFT collector Gabe Sierra said.

Speaking of the benefits of having a home in the metaverse, Sierra added “A big thing about building NFTs of properties in the metaverse is that you can show off properties much more early on in their buildout to people around the world. Traditionally, people have to look at a picture or a rendering. Now we can show people homes in the metaverse.”

Will real estate NFTs become mainstream?

The development shows the skyrocketing value and utility of The Sandbox metaverse, a community-driven platform where users can monetize properties that exist in both the real world and the metaverse as identical copies.

While the sale is expected to garner some hype in the days leading up to it, a big question, though, is whether or when real estate NFTs will become mainstream. The logistics of the NFT itself are a bit complicated, so it has yet to figure out the interest in such deals form middle-class property residents. The is particularly important given the token is, in most cases, linked to the ownership of an LLC that owns the physical asset, not the housing deed itself.

Together, ONE Sotheby’s International Realty and Voxel Architects are acquiring an additional 40,000 acres of property inside of the metaverse. As a result, the join venture is expected to release future projects ranging from commercial properties and marketing to gaming endeavors.

“A real estate agent still serves a purpose. They would have to drive you to 20 houses, whereas now you could have a portfolio of houses they could show you in the metaverse. They would still show where they could buy land. This will make the buying process quicker. It’s just going to evolve how real estate works,” Sierra further explains.

 

Read this next

Retail FX

Banxso announces 8.7% interest rate on deposits in South Africa

“With Banxso, they can enjoy the benefits of both worlds – earning competitive interest and having the freedom to trade, all within the same platform.”

Industry News

FINRA to publish transaction details in U.S. Treasury securities

“Consistent with our longstanding practice, FINRA is introducing greater transparency in a calibrated and careful manner, benefiting liquidity and resilience in this critical market while also mitigating potential information leakage concerns.”

Institutional FX

OpenYield launches “cheap and easy” fixed income trading for brokers

“We’re on a mission to make bonds cheap and easy to trade, and are excited about the opportunity to build generational capital markets infrastructure.”

Digital Assets

Sumsub and Mercuryo publish a guide for VASPs: “Mastering Travel Rule Compliance”

“At Sumsub, we’ve concentrated our efforts on filling the gap in understanding the complexity of Travel Rule regulation and helping organizations find the best solution to stay safe and compliant while minimizing costs and avoiding potential risks of non-compliance. This guide we created with Mercuryo, our trusted partner, is the ultimate navigation tool all VASPs can consult.”

Digital Assets

Bitget Wallet Leads with Record Swap Volume & New Crypto Innovations

This week, Bitget Wallet achieved a milestone by surpassing Metamask with a record 388,757 Swap order transactions, securing the global lead. The significant 7-day trading volume, almost 68,000 more than its rival, underscores its liquidity and user trust. This robust activity signals Bitget Wallet’s prominent role and reliability in the dynamic crypto market.

Digital Assets

Embarking on a Digital Currency Journey

Imagine you’ve stumbled upon a treasure map, leading you to untold riches hidden in the vastness of the internet. Instead of gold coins and jewel-encrusted goblets, this treasure comes in the form of digital currencies, the modern-day loot coveted by many.

Reviews

Traders Union Experts Share The Trading Analyst Review For 2024

Navigating options trading in rapidly shifting markets poses a considerable challenge. This is where options trading alert services become invaluable. They aid traders in keeping abreast of evolving opportunities and market trends. In this assessment, Traders Union experts scrutinize The Trading Analyst alert service to ascertain its efficacy. 

Digital Assets

BlockDAG’s Presale Achieves $9.9M: Aiming For A 5000-Fold ROI As Cardano’s Price Rises And Fantom Launches Sonic

Explore Cardano’s surge, Sonic’s efficiency, and why BlockDAG’s growth makes it the top crypto choice. A deep dive into the future of blockchain investments.

Digital Assets

US, UK probe $20 billion Tether transfers tied to Russian exchange.

U.S. and UK authorities are investigating the movement of $20 billion in the USD-pegged stablecoin tether (USDT) through Moscow-based exchange Garantex.

<