Wed. Dec 7th, 2022

Metaverse real estate is becoming more sophisticated, with many crypto experts and entrepreneurs seeking to create visual experiences and lifestyle opportunities both IRL and virtually.

Miami, in particular, has made headlines for its many new-build homes with virtual NFT counterparts—and the Reflection Manor is no different. The Reflection Manor is a real-life European-style chateau being constructed in Miami Shores, located at 1275 NE 93rd Street, and will also come with a virtual replica NFT, located in the Alpha City metaverse.

The seller is Jorge Guinovart, a real estate developer, entrepreneur, and cryptocurrency expert, who created Alpha City. Alpha City is known as the Social Business Lifestyle Metaverse and was created to create a metaverse with an economy. It includes visual virtual experiences with social and lifestyle opportunities that help increase the value of virtual properties.

“Most NFT homes are either the home itself and not sited on a parcel of land, or they are both an NFT home and virtual land, but there is not much to explore outside of the property boundaries,” Jorge Guinovart tells Forbes. “While many virtual worlds are created by developers with a gaming background, the Alpha City metaverse was conceived with a social approach as opposed to a traditional gaming focus, which will create a broader appeal.”

The home on Miami Shores is a French chateau-inspired home that will span 6,000 square feet once complete. There will be six bedrooms and six-and-a-half bathrooms, as well as a grand, double-height foyer, Gaggenau appliances, a wine room, game room, and a full wellness wing with a gym that opens to a covered terrace. The ultra-private primary suite, complete with its boutique-worthy closets, are sure to be a draw for owners seeking a luxe, hotel-like home. The NFT counterpart will look identical, but will also come with ample social opportunity and will have realistic graphics, landscape color palettes, and aesthetics that mirror the beauty of modern cities.

“There will be a sizable roster of premiere live sporting and entertainment events and expansive social venues will allow users extensive liberty beyond the traditional exploration and chat features of current metaverses, creating unlimited social opportunities,” Guinovart says.

The home is listed for $7.7 million with Juliet Silver with ONE Sotheby’s International Realty, who also predicts that real estate and the metaverse is here to stay.

“I predict that we can facilitate shopping with older family members, attend weddings or concerts with friends who live far away, or attend high-level universities in the metaverse,” Silver tells Forbes. “The real world requires our enriched living experiences to be constrained by resources. The promise of the metaverse is that by compressing time and space, we can have higher quality experiences with friends and family with fewer limitations.”

Owning a home in the metaverse also comes with ample opportunity for owners to create passive income. Silver says through Alpha City and other metaverses, investors can monetize their virtual home by hosting social events and early property owners might also find their properties appreciating exponentially.

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