HomeStart, a not-for-profit organization dedicated to ending homelessness, is launching a project called INVERSE to help families on the brink of eviction by selling digital apartments in the metaverse. The flats start at one Ethereum (ETH), which is around $3000 and roughly equal to what it costs to stop an eviction and provide a family with 12 months of support in a major US metropolis.
Due to rising housing expenses, nearly 600,000 Americans were habitually unhoused in 2020, and today there are twice as many households behind on their rent and at risk of eviction than there were before the COVID-19 pandemic.
HomeStart is partnering with Cornerstone to build an apartment complex in its new virtual world
Cornerstone, the first photorealistic metaverse, is teaming up with HomeStart to create an apartment complex in its new virtual environment. For this project, HomeStart was given early access to Cornerstone, and those who purchase flats will be among the first to visit the virtual world. ZOAN, a virtual studio based in Helsinki, Finland, is creating Cornerstone, which will open by the end of 2022.
“One of HomeStart’s initiatives is to prevent homelessness from occurring in the first place by assisting high-risk households in maintaining their residence and avoiding resorting to shelters or the streets,” said Matt Pritchard, President and Executive Director of HomeStart.
“HomeStart is continually seeking for novel methods to engage more community people to help prevent homelessness, just as we uncover and incubate innovative solutions to homelessness.” INVERSE is a large-scale project that gives the metaverse a purpose by establishing a never-before-seen link between the virtual and physical worlds, with the goal of raising awareness of a situation with ready-made remedies.”
The building is designed by the award-winning Boston-based architecture firm ICON
Each apartment will be represented by a non-fungible token (NFT), with the buyer becoming the owner of that property after acquiring the NFT. There will be 49 NFTs or units available for purchase, with eight different floor plans to choose from. Prices will vary from one to five ETH, roughly equivalent to the cost of defending one to five families from eviction at present rates.