This year, ONE Sotheby’s is working with Meta Residence and Voxel Architects to construct and auction off the first MetaReal mansion that will be available both physically and virtually. The luxury 11,000 square-foot home, presented by Michael Martinez, is set to gain a lot of attention during its auction sometime this year.
The seven-bedroom and nine-bathroom mansion is currently under construction in Miami and is set to take up 1+ acres of land. Its digital rendition in The Sandbox metaverse, created using NFT technology, will be a direct reflection of the physical property and will be sold jointly in the auction; the price for the MetaReal mansion has not been released yet. As of now, The Sandbox metaverse already contains art galleries, homes, and parties where users can access NFTs.
Considering over 40 acres have been obtained by the project’s owners, the MetaReal mansion seems to mark an opportunity for a drastic change in the real estate market as well as The Sandbox metaverse. The representing agent, Michael Martinez, speaks on this change stating, “Being able to leverage my expertise to pair a homeowner with real and virtual property is something I never imagined being a part of, it’s exhilarating”.
In the future, ONE Sotheby's hopes to continue to use blockchain technology to further merge the physical and virtual markets. The property they have acquired in the metaverse will allow them to continuously expand in virtual properties, potential gaming projects, and more. Daniel de la Vega, president of ONE Sotheby's states, "As a company, we push boundaries and constantly evolve with the changing dynamics of the industry--always on the cutting-edge of real estate, art, and technology. We believe that the metaverse will play a role in the future of real estate in one way or another".