Contemporary artist Krista Kim recently sold an NFT-minted digital home for 288 ether, valued at more than $ 500,000 based on the cryptocurrency’s trading price on Wednesday.
The creation – called Mars House – is part of Kim’s big vision for the role that augmented reality will play in the world, she explained in an interview on CNBC’s “Squawk Alley” program.
“Right now, many of the [NFT] art that is currently available on platforms, is a very limited parameter of how you can present art, “said Kim Wednesday.” It is presented, basically, as a digital file, a beautiful drawing or video on the screen, but my intention was to look beyond that. “
The new owner of Mars House, she said, will be able to upload the file across multiple metaverses – immersive 3D worlds – and experience the digital space there. She said that Mars House represents the “next generation of NFT art”.
“For me, I really anticipate that we will live in an augmented reality lifestyle in a very short period of time,” said Kim, predicting that this could happen in “a few years”.
A view of Mars House, a 3D NFT creation by Krista Kim Studios that was recently sold.
Artist: Krista Kim
The metaverse is an informal term used to describe a collaborative and immersive virtual world, and companies like Roblox and Fortnite maker Epic Games are working on the concept.
Augmented and virtual reality is the key to providing a more immersive experience for these worlds. AR is the technology that superimposes computer-generated images over real-world views, while VR goes further in a complete virtual space. Both have historically been associated with some type of headset or wearable glasses.
Facebook’s Oculus is a well-known brand that manufactures virtual reality headsets, and the CEO of social media giant Mark Zuckerberg predicted major advances in relation to AR and VR in the next decade. Facebook plans to launch smart glasses later this year.
Microsoft has its HoloLens offer and, Kim noted, Apple has long been said to be working on an AR product.
Kim sees a central role for NFTs as the so-called AR lifestyle progresses.
“We are all going to decorate our environments and our personal space, our fashion,” she said. “Just like tattoos. People express themselves with tattoos. It’s an art form. Well, people will also express themselves with digital resources and decorative and collectible pieces, fashion, accessories.”
A view of Mars House, a 3D NFT creation by Krista Kim Studios that was recently sold.
Artist: Krista Kim
NFTs are blockchain-based assets that are unique by design and their popularity has grown in recent months. Among its most critical features, proponents say, is allowing documented ownership of digital items.
The ownership of a specific NFT is recorded in distributed digital ledgers known as blockchain, which are also used to power cryptocurrencies like bitcoin. A number of assets are already being sold as NFTs, including basketball highlights, old tweets and a rock album. Recently, RTFKT Studios sold a collection of digital sneakers minted with NFT to the metaverse.
Historic auction houses known for selling multimillion-dollar paintings have also joined the collectibles fray. Last week, an NFT collage by artist Beeple was sold at a Christie auction for $ 69 million. On Tuesday, Sotheby’s announced a partnership with digital artist Pak.
Critics dismissed the NFT boom as a flash in the pan designed to weaken over time, and some note that its growing popularity – and what people are willing to pay for it – coincided with a huge rise in the value of many cryptocurrencies.
NFTs are “new to us all,” Sotheby’s CEO Charles Stewart told CNBC on Tuesday. “But there is a lot here that is really exciting and we think it has staying power.”
Kim agreed, saying that “NFTs combined with art have a very strong value proposition because they value over time because they are a social asset.”