The home is not an actual building, just a 3D model of one

NFT mania is showing no signs of slowing down.

The latest proof? The world’s first NFT house just sold for more than US$500,000 (S$673,195), according to CNN. And while artist Krista Kim’s Mars House is certainly a sight to behold, it’s also a property that doesn’t actually exist in the real world. The futuristic structure is a 3D digital model that can only be experienced in virtual reality.

The one-of-a-kind Mars House is a non-fungible token (or NFT), which is a unique digital asset “minted” by the blockchain technology. The encryption provides proof of the asset’s authenticity as well as records showing who created it and who owns it.

The neon-lit, glass dwelling was listed for sale on SuperRare last week and sold to the Art on the Internet foundation for 288 Ethereum coins, which were worth US$514,557.79 (S$692,795) at the time of the sale. Kim announced that the “majority” of proceeds will go to the Continuum Foundation and used for a world tour of sound and light installation designed to promote mental health. Last week, the artist told Architectural Digest that the Mars House’s design is meant to promote meditative well-being, one of her creative focuses since the outbreak of the COVID-19 pandemic.

“Mars House represents the next generation of NFTs,” the artist told CNN. “It is a sign of things to come, as we enter an [augmented reality] interfaced future, with the launch of Apple AR glasses and AR contact lenses. 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.”

The Mars House NFT includes a 3D file of the residence which can be uploaded to the foundation’s “metaverse.” It also comes with tech support and an ambient soundtrack composed by the Smashing Pumpkins’ Jeff Schroeder. Should the new owner ever decide to sell the home, they must delete the files from their metaverse and provide proof to Kim that they have done so.

The transaction is one of just several jaw-dropping sales of NFTs this month. Two weeks ago, Everydays—The First 5000 Days, a JPEG by the digital artist Beeple sold for sold for US$69.3 million (S$93.3 million) at auction. Earlier this week, an NFT of Twitter CEO Jack Dorsey’s first published tweet sold for US$2.9 million (S$3.9 million).

This was first published on Robb Report US