Cover The first-ever NFT House "Mars House" has sold for over US$500. (Photo: Krista Kim)

The futuristic property is currently a 3D model that can only be experienced via virtual reality

The world’s first NFT (non-fungible token) house has just sold for over 288 Ether—a cryptocurrency that converts into approximately US$500K. Created by Canadian artist Krista Kim, the “metaverse” property comes as a virtual extension of the world, where plots of virtual land will soon be built and sold like tangible property.

NFTs have recently made headline news for their unique capacity to allow digital art and other files to be sold online without the risk of being replicated. The idea being that each NFT is encrypted with the artist’s signature on the blockchain in order to verify authenticity and ownership.

So what makes purchasing virtual real estate so interesting for prospective buyers? Beyond just buying into the up and coming NFT market, according to an Architectural Digest report, this specific home, as well as all of the furniture in it, can be constructed in real life by glass furniture makers in Italy and through MicroLED screen technology. 

Artist Krista Kim’s “Mars House” as it’s officially titled, was inspired by the recent lockdowns in response to Covid-19 and is supposed to omit a “zen, healing atmosphere” when viewed in virtual reality or constructed in real life

“Art, NFTs, cryptocurrencies... These sweeping changes and ideas of how we will live with digital assets is becoming a reality and will create a global paradigm shift,” Kim told CNN in a statement. “Also, after being confined due to Covid-19, we need more innovative ideas on how our interior environments can heal us, as mental health has become a primary concern for all.

According to her recent Instagram post, Kim aims to use Mars House as a medium for demonstrating the beauty of a world in which NFTs become mainstream; allowing would-be art collectors another avenue for buying, selling, and displaying art.

See also: Plans For A Sustainable City On Mars Have Been Revealed––With Construction Beginning By 2054

© 2022 Tatler Asia Limited. All rights reserved.