NFT mania shows no signs of slowing down.
The most recent proof? The world’s first NFT home has just sold for more than $ 500,000, according to CNN. And while Krista Kim’s House of Mars is certainly a sight to behold, it is also a property that doesn’t really exist in the real world. The futuristic structure is a 3-D digital model that can only be experienced in virtual reality.
The unique Mars House is a non-fungible token (or NFT), which is an exclusive digital asset “coined” by blockchain technology. Encryption provides proof of the asset’s authenticity, as well as records that show who created it and who owns it.
The neon-lit glass house was listed for sale on SuperRare last week and sold to the Art on the Internet foundation for 288 Ethereum coins, which were worth $ 514,557.79 at the time of sale. Kim announced that the “majority” of the proceeds will go to the Continuum Foundation and will be used for a world tour of sound and light installation designed to promote mental health. Last week, the artist said Architectural Digest that the Mars House design is intended to promote meditative well-being, one of its creative focuses since the outbreak of the Covid-19 pandemic.
Krista Kim’s Mars House
Krista Kim
“Mars House represents the next generation of NFTs,” the artist told CNN. “It is a sign of what is to come, when we enter a [augmented reality] interfaced future, with the launch of Apple’s AR glasses and AR contact lenses. Art, NFTs, cryptocurrencies. . .these radical changes and ideas of how we will live with digital assets are becoming a reality and will create a global paradigm shift. “
Mars House NFT includes a 3-D file of the residence that can be loaded into the foundation’s “metaverse”. It also comes with technical support and an ambient soundtrack composed by Jeff Schroeder of Smashing Pumpkins. If the new owner decides to sell the house, he must delete the files from his metaverse and provide proof to Kim that he did so.
The transaction is one of several jaw-dropping NFT sales this month. Two weeks ago, Every day – the first 5,000 days, a JPEG by digital artist Beeple sold for $ 69.3 million at an auction. Earlier this week, an NFT of Twitter CEO Jack Dorsey’s first published tweet was sold for $ 2.9 million.