The metaverse is gaining momentum; the tech realm is deftly infiltrating business markets, particularly digital professional relationships. Property within the digital world has never been more accessible, and investors are still speculating if the risk is worth taking. Seeing the vast potential offered in the metaverse, many investors have already made investments in digital real estate. It is worth noting how the digital world competes with the offline real estate realm. Presdon Luczek, the executive director of luxury sales in the sports and entertainment division of One Sotheby’s International Realty, is at the forefront of luxury real estate in South Florida and has been expressing publicly about the new emerging market and opportunities in the metaverse. ONE Sotheby’s and Voxel Architects, along with the general contractor and NFT collector Gabe Sierra, is introducing the first-ever ‘MetaReal’ mansion that includes a real-world home and a virtual counterpart. The virtual home will live within.
The buyer of the NFT asset will also acquire ownership rights of the physical home, set to be completed in Miami in Q4 of 2022. This is the first time something like this has been done.
The home in Miami will be built on a one-acre lot in one of the city’s most prestigious neighbourhoods. It will span 11,000 square ft and include seven bedrooms and nine bathrooms. The virtual property will mirror this, and Voxel Architects is helping to create it. The ‘MetaReal’ Mansion will be auctioned off in 2022 at a yet-to-be-disclosed reserve price.
ONE Sotheby’s and Sierra have also acquired the equivalent of more than 40 acres in the metaverse for future projects, which might include commercial properties, marketing and gaming endeavours.
Presdon strongly feels that the metaverse will transcend into real estate. Sotheby’s has established a brand of a traditional class, status, and luxury. Presdon presents a fresh, 21st-century interpretation of this classical aesthetic of luxury.
Presdon’s position investing in metaverse real estate is no longer solely limited to buying and selling digital land; investors are also being offered real-life solutions, such as pooled funds into real estate. The first REIT has also launched on the metaverse. Real estate investments would be subject to radical change in the coming year, attributed to the metaverse. Presdon believes that the essence of metaverse investing lies in predicting that it will increase in value over the years. At present, some may see metaverse as a fad that may not transform into something worthwhile.
Presdon asserts that revenue generation is not limited to buying and selling property in the material realm. Owners also can rent out their land for ads and other purposes. These buzzing opportunities have led to some clients investing in metaverse real estate business pools. Presdon pushes the boundary of outward-facing media to offer the most cutting-edge services to his ‘UHNW’ clientele. To learn more about Presdon, and his thoughts on luxury real estate and the Metaverse, visit his Instagram.