- The Mars House was built in the Metaverse, and snapped up earlier this year for A$685K
- Built in response to pandemic lockdown, by Toronto-based artist Krista Kim
- Initially listed for sale at A$80K, it sold for 8 times that, and is now open for viewing
‘Non-fungible tokens’ (NFTs), now there’s something you wouldn’t have thought you’d be talking about a few years ago.
NFTs have become a new phenomenon in 2021, and are a logical extension of the blockchain and cryptocurrency craze.
Basically, an NFT is a certificate of authenticity for a digital asset (such as an image, meme, video or any other digital file) that proves it is what it is.
The problem with buying digital assets – which can now include ‘digital properties’ – is someone might delete them all from the interwebs, and the asset is wiped from existence.
Not with an NFT, which records the asset in a digital book (on the blockchain) such that it cannot be stolen, hacked or altered. Blockchains gain their security credentials from the fact that they exist on millions of computers simultaneously, so hackers would have an impossible job of taking control of the entire ‘chain’.
Cryptocurrency and NFTs are just one application of blockchain technology.
Back in March, the world’s first digital house – ‘Mars House’, of course – was sold via an NFT for US$515,000 (A$685,000).
Initially for sale at US$60,000 via Ethereum (ETH) cryptocurrency, it finally sold for 288 ETH.
The creator of the digital property was Toronto-based artist Krista Kim. She said she was inspired during lockdown to create the house that emitted a “zen, healing atmosphere”.
“Beyond the promise of buying into the lucrative NFT market, the home and all of the furniture in it can be built in real life by glass furniture-makers in Italy, as well as through MicroLED screen technology,” said the artist on Instagram on March 15th.
“Everyone should install an LED wall in their house for NFT art,” said the artist. “This is the future, and Mars House demonstrates the beauty of that possibility.”
Calling Mars House a ‘house’ is quite a stretch, one might think, as it’s not much more than a glorified decking, with some groovy seats looking out on a Martian landscape. Each to their own, one supposes.
NFTs have been used to legitimise sales of all kinds of digital assets this year, including the US$2.9 million sale of the first ever tweet, by co-founder Jack Dorsey, which plainly said “just setting up my twttr” in March 2006. ‘Twttr’ was the first brand idea for what became Twitter.
Digital Home Open
What would be a property sale without a weekend home open?
During July, members of the public can tour the property on Saturdays between 5pm and 8pm EST. There are also plans for live ticketed music sessions and meditation concerts.
Of course there are.