More and more companies are coming on board in a bid to bridge the physical world and the metaverse.
Sotheby’s International Realty, a luxury real estate brand, will soon offer NFTs that are tied to a physical property. They are teaming up with Voxel Architects and NFT Collector Gabe Sierra to bring this new endeavor to life.
This first property will be built on The Sandbox metaverse.
Whoever is the buyer of the NFT asset, they automatically acquire ownership rights of the real home, a mansion in Miami that will be ready for occupancy by Q4 of 2022.
This is the first such coming together of the NFTs and the real world.
“This is another leap into bridging physical and digital worlds into the Metaverse.”The Sandbox Co-Founder Sebastien Borget
The NFT-backed mansion will be built on a one-acre lot in one of Miami’s most prestigious neighborhoods.
At 11,000 square feet, it will come with seven bedrooms and nine bathrooms. Voxel Architects will design the digital counterpart in The Sandbox Metaverse.
Land in The Sandbox is already quite high for most people, as a result of the community attaching immense value to it. The eventual buyer will therefore be making a double purchase, likely a bargain.
Depending on how widely The Sandbox Metaverse is accepted and used, that virtual land could end up being incredibly valuable by itself.
This trend of attaching physical assets to the NFT is only growing. Gabe Sierra certainly thinks so, explaining. “In the future, we think it will be commonplace to have a metaverse extension of your home.. As experiences become more and more immersive, the lines will continue to blend until reality and the metaverse are nearly indistinguishable. Over the next several years, you will see NFT technology used more and more to transact real world assets.”
Digital fashion brand Cult&Rain has already embraced this trend, and will be offering a physical sneaker alongside an identical NFT.