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A digital home sold for over $500,000 online in March.

The house was sold as a non-fungible token, or NFT, on the SuperRare marketplace. In exchange for about $512,712 worth of ether, the Toronto buyer received 3D files and clips of the NFT piece, called “Mars House,” set to music.

The files can be uploaded to the buyer’s metaverse and used as a home for their avatar. A metaverse is a virtual world similar to “SimCity” or “Minecraft.” In the metaverse, users can buy digital assets including homes and clothes while living and interacting with other users via an avatar in the virtual world. One of the most popular NFT metaverses is Decentraland, a community-owned site where users can build their own reality.

The NFT is the first blockchain-based digital house in the world, according to SuperRare. The artist Krista Kim worked with Jeff Schroeder from the band Smashing Pumpkins to generate the music for the clip.  

The house, which is set on Mars, appears to be made up almost entirely of glass.

The artist said she was inspired during quarantine to build the digital house.

“Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing,” the press release said. “Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere.”

Read more: What you need to know about NFTs, the collectible digital tokens that are selling for millions online

Though the house currently only exists on the blockchain, it can be recreated in real life by glass furniture-makers in Italy or via LED screens, according to the press release.

“Everyone should install an LED wall in their house for NFT art,” Kim said in the release. “This is the future, and Mars House demonstrates the beauty of that possibility.”

The over $500,000 sale is just one of many NFT drops that have captured the spotlight in recent months. Earlier in March, digital artist Beeple sold a crypto art piece for nearly $70 million. NFT sales have encompassed anything from 3D images and videos to memes and tweets. 

In March, Twitter CEO Jack Dorsey sold his first tweet for $2.9 million.

Janine Yorio, the head of the real-estate group Republic, said NFT real estate could be the future of home-buying. 

“I predict that the best parcels of virtual real estate will appreciate faster …read more

Source:: Business Insider

      

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Take a look at the digital ‘Mars House’ that just sold for over $500,000 — the world’s first crypto real-estate sale

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