The Residence One auction will be conducted by Meta Residence through www.metaresidence.io (the “Auction”). A prospective buyer will need to follow the registration instructions in order to register as a participant in the Auction (a “Participant”). Only Participants will be able to participate in the Auction and place a bid on Residence One. The “Winning Bidder” is the Participant who either:
(1) elects the ‘Buy-Now Option’ by submitting an irrevocable offer for the ‘Buy-Now Price’ or
(2) submits the highest bid in the Auction that is above the undisclosed reserve price and acknowledged by Meta Residences by email, telephone or other form of electronic communication.
Please note that each offer submitted prior to the Auction shall be irrevocable until the beginning of the Auction, and all bids made during the Auction are fully irrevocable to the extent allowable by applicable law (each offer prior to, or bid during, the Auction shall be referred to herein as an “Offer”).
If you are the Winning Bidder of the Auction, as noted above, Meta Residences will contact you by e- mail, telephone or other form of electronic communication immediately following the close of the Auction (the “Auction Close Date”), after which Meta Residences will e-mail the Winning Bidder the final purchase documents (the “Purchase Documents”) for electronic signature using the email address associated with the Winning Bidder’s registration for the Auction within one (1) business day of the Auction Close Date. The Winning Bidder must sign the purchase documents within one (1) business day after they are sent to the Winning Bidder (unless a longer timeframe is specified in writing by Meta Residences), with time being of the essence. If the Winning Bidder fails to timely sign the purchase documents, Meta Residences may declare the Winning Bidder to be in default of the participation terms of the Auction and pursue an appropriate course of action. As used herein, following the timely execution of the Purchase Documents, the Offer of the Winning Bidder shall be referred to as the “Purchase Price.” The Purchase Documents for Residence One will require the Winning Bidder to make a deposit to the escrow/closing agent (the “Earnest Money Deposit”), the amount of which shall be specified within the Purchase Documents, but in no event shall be less than 10% of the Purchase Price. The Earnest Money Deposit must be received by the escrow or closing agent no later than two (2) business days after the Winning Bidder receives wire or wallet instructions, with time being of the essence. If the Winning Bidder fails to timely make the Earnest Money Deposit, Meta Residences may declare the Winning Bidder to be in default of the participation terms of the Auction and pursue an appropriate course of action. Assuming the Winning Bidder timely executes the Purchase Documents and makes the Earnest Money Deposit, in order to facilitate a Winning Bidder’s ability to obtain financing for the remainder of the Purchase Price, the Purchase Documents will specify the time and date for the closing for Residence One (the “Closing”), which shall be at least 30 days following the Auction Close Date (the “Close Date”). Notwithstanding the forgoing, Meta Residences reserves the right to postpone the Closing Date without the prior written of the Winning Bidder for up to 120 days following the Auction Close Date. After the Purchase Documents have been fully executed, the Purchase Documents shall govern the relationship between Winning Bidder and Meta Residences. As designed, the real-world home constituting Residence One (the “MRO Home”) is legally titled in the name of a single-member limited liability company (the “MRO LLC”). The ownership of MRO LLC is directly tied to a single, one-for-one (1/1) edition, master non-fungible token (NFT) (the “MRO NFT”). Assuming the Purchase Price has been properly deposited on or prior to the Closing Date and all else goes smoothly at Closing, Meta Residences shall transfer the MRO NFT to the Winning Bidder. It should be noted that if the Winning Bidder of Residence One wishes to have the MRO Home transferred to them outside of the MRO NFT, Meta Residences may be willing and able to accommodate such a transfer.
Assuming the Winning Bidder wants the MRO Home to be transferred as intended, the legal title of the MRO Home will remain in the name of MRO LLC and, technically, shall not be transferred at the Closing. Instead, the MRO NFT shall be transferred to the Winning Bidder at Closing, which owns 100% of the membership interest in MRO LLC, the title owner of the MRO Home (as well as all of the other assets purchased at the Auction). However, as noted above, if the Winning Bidder of Residence One wishes to have the MRO Home transferred to them outside of the MRO NFT for whatever reason (e.g., financing, homestead, etc.), Meta Residences may be willing and able to accommodate such a transfer. Notwithstanding the foregoing, the Winning Bidder must give notice to Meta Residences no less than 15 business days prior to the Closing Date in order to make such an accommodation.
The reserve price is an undisclosed minimum selling price established by Meta Residences. The website hosting the Auction will indicate when the reserve price has been met. Meta Residence is under no obligation, in law or equity, to sell Residence One for less than the reserve price. Meta Residences may accept a bid that is below the reserve price in its sole and absolute discretion. Except where prohibited by law, Meta Residences has the right change the reserve price at any time prior to the Auction Close Date.
The Winning Bidder may seek traditional financing through a financial institution of their choice; hence the reason why the Closing Date shall be no less than 30 days following the Auction Close Date. However, notwithstanding anything to the contrary, the Purchase Documents and Closing shall not be contingent on the Winning Bidder obtaining financing.
While Meta Residences is accepting certain cryptocurrency for the Auction, Meta Residences does reserve the right to have the Winning Bidder convert their cryptocurrency into United States Dollar fiat currency prior to the Closing Date at the Winning Bidders expense. The only forms of cryptocurrency that shall be acceptable to Meta Residences are: USDC, Bitcoin (BTC) and Ethereum (ETH).
A prospective Participant may pre-qualify to bid in one of two ways.
1) You or your real estate agent may contact us via the contact form or directly through ONE Sotheby’s International Realty. Our individual team contacts are also listed at the bottom of our site. After completing KYC, you will be pre-qualified to bid.
2) You may visit our Premint™ link by clicking the “How to Bid” button on the top right corner of our site. Premint™ will verify that your wallet has a minimum of 50 ETH (This is simply a filter to ensure qualified bidders, funds are not required in the wallet at the time of auction). Once you have submitted the Premint form we will contact you with KYC documents via the email you provided. After completing KYC, you will be pre-qualified to bid and are officially a Participant.
No, once a Participant is pre-qualified to bid, there will be no requirement of funds in the wallet at the time of auction.
If you would like to make an appointment to visit Residence One, please fill out the contact form and we will be in touch to schedule a time and date.
The Lamborghini is included with ‘Buy Now Option.’ However, at Auction, the Lamborghini is only including if the winning bid exceeds an undisclosed reserve price set for both the MRO Home and Lamborghini.
The Lamborghini can be seen on the showroom floor of Ocean Auto Club in Doral, FL.
You may fill out the contact form by scrolling to the top or bottom of our site. Our team contacts are also listed at the bottom of the page. Additionally, you may contact ONE Sotheby’s International Realty.
The real-world home is located on over an acre of land in Pinecrest, FL. One of Miami’s most prestigious neighborhoods.
For a full description of the package, please visit the auction page and read the description along with the detailed Tier breakdown. Additionally, you may click on the “Specifications” tab for a more detailed breakdown of everything included.
Meta Residences strongly recommends that you consult with your trusted legal counsel in such circumstance. However, generally speaking, the MRO Home can be listed and sold just like a regular home. If you have kept the MRO Home in the MRO NFT configuration, then upon sale of the MRO Home you must transfer the MRO NFT to the new owner simply by sending it to the wallet of their choice.
We highly recommend that the MRO NFT is kept in a cold storage wallet. However, even if the MRO NFT is compromised or stolen, it is not possible to “steal” the MRO Home. Title theft does happen from time to time and if such a situation did occur, we highly recommend the owner seek legal counsel. Blockchain records would make it very easy for the owner to prove ownership in appropriate court of law. Further, the organizational documentation for the MRO LLC provides an even easier path to recovering and quieting title on the MRO Home.
Yes, you will be able to register your buyer using the online form and you may be compensated for bringing the buyer.
To register your buyer, you can easily do so online by clicking on the “Contact” button at the top of the site. Fill out the form with your information as well as any questions you may have. We will then contact you to complete the registration process. By registering your buyer, you can ensure that you will be compensated for bringing them to the property and initiating the sale.
The process of viewing and learning more about a home is very easy for your client. They can view the digital home by visiting Sandbox.game and creating an account, or in the real world by scheduling an appointment with the listing agent in Pinecrest, Florida. During the tour, you or the Buyer can ask any questions and learn more about the bidding and purchasing process. If you have any further questions or concerns about this process, feel free to ask the listing agent for assistance or fill out the contact form at the top of our site.
3% Paid upon a successful closing.
The commission will be paid in the same currency the Buyer chooses to pay.
META RESIDENCES RESERVES THE RIGHT TO CHANGE AND/OR UPDATE THE INFORMATION CONTAIN
WITHIN THIS INFORMATION SECTION.
AS BETWEEN META RESIDENCES AND PARTICIPANT, NO OBLIGATION TO SELL SHALL BE BINDING ON
META RESIDENCES UNLESS AND UNTIL THE PURCHASE DOCUMENTS HAVE BEEN SIGNED AND
DELIVERED BY META RESIDENCES AND THE EARNEST MONEY DEPOSIT HAS BEEN RECEIVED AS
ANY INFORMATION ON ANY WEBSITE, ANY BROCHURE, E-MAIL OR ANY AND ALL INFORMATION
AVAILABLE REGARDING RESIDENCE ONE SHALL NOT CONSTITUTE AN OFFER TO SELL OR A
SOLICITATION OF ANY OFFER TO BUY RESIDENCE ONE. OFFERS SUBMITTED OR SOLICITATIONS MADE
DURING THE AUCTION ARE VOID WHERE PROHIBITED BY LAW. IF ANY SALE WOULD REQUIRE
REGISTRATION OR QUALIFICATION UNDER APPLICABLE STATE SECURITIES LAWS, NO SUCH SALE MAY
BE CONSUMMATED UNTIL SUCH APPLICABLE REQUIREMENTS HAVE BEEN MET.