The metaverse is continuing to expand its presence within the real estate industry. A recent report reveals that a luxurious Pinecrest home in Miami-Dade County, Florida, was sold for $11.2 million. However, what sets this sale apart is that it includes not only the physical property but also its digital metaverse counterpart and four non-fungible tokens (NFTs).
The virtual replica has found its home in The Sandbox metaverse platform. The digital twin closely mirrors the physical property, providing a lifelike experience for the owner.
Within the metaverse house, the owner can tour the mansion, lounge on the couch, and even throw virtual parties. Notably, the only difference between the digital and physical home is the addition of a virtual nightclub, intentionally designed for hosting gatherings and events in the metaverse.
The creation of the metaverse house was a collaborative effort between Voxel Architects, the first virtual architecture company, and Gabe Sierra, the director of operations for Sierra Developments, the contractors responsible for the physical property.
The sale also included four NFT artworks. These NFTs were transferred to the new owner during the closing of the property sale and are displayed on the walls of the virtual mansion.
The inclusion of the metaverse in real estate transactions hints at an evolving landscape in the industry.
Back in 2022, a Canadian startup named NTRY introduced a virtual platform that simplified the process of showcasing, advertising, and selling real estate properties in the virtual realm, making it a promising avenue for future real estate marketing.
In that same year, the DAMAC Group announced plans to venture into the metaverse, presenting virtual homes and real estate as part of their vision.
The world of NFTs has also seen its share of transformative efforts in the real estate industry. Verse Estate, a metaverse agency, linked luxurious digital properties with NFTs. Meanwhile, real estate developers Niecon and All Set collaborated to tokenize, fractionalize, and sell villas as NFTs, democratizing real estate investments and opening up possibilities for a broader range of investors.