ontemporary artist Krista Kim has sold an NFT digital house for 288 ether, which is valued at over $500,000 based on the cryptocurrency’s trading price.
The piece, called ‘Mars House’ is a part of the artist’s grand vision for the role augmented reality will play in the world, she explained in a recent interview with CNBC.
During the interview, Kim stated:
“Right now, a lot of the [NFT] art that’s currently available on platforms, it’s a very limited parameter of how you can present the art… It’s presented, basically, as a digital file, a beautiful drawing or video on your screen, but my intention was to look beyond that.”
The artist said that the new owner of Mars House will be able to upload the file into various metaverses, 3D immersive worlds, and experience the digital real estate there. Stating that Mars House represents the “next generation of NFT art.”
The metaverse is a term used to describe an immersive and collaborative virtual world, with several companies currently working on the concept.
The artist commented:
“For me, I actually foresee that we will be living in an augmented reality lifestyle within a very short period,”
Which Kim predicted could happen in “a couple years.”
Both augmented reality and virtual reality technology are key elements in providing an immersive experience for digital worlds. As augmented reality technology overlays computer generated images over real world views, while virtual reality goes further into a complete virtual space.
Both AR and VR have been heavily associated with the idea of wearable technology. Facebook have created the well known Oculus virtual reality headset with the company planning to make big advances around AR and VR in the coming decade. Microsoft also has its HoloLens offering as well as Apple who have long been rumored to be working on an AR product.
As the world adopts everyday use of augmented and virtual reality, the artist sees a pivotal role for NFTs as the so-called AR lifestyle progresses saying:
“We’re all going to be decorating our environments and our personal space, our fashion, just like tattoos. People express themselves with tattoos. It’s an art form. Well, people are also going to express themselves with digital ... assets and decorative pieces and collectibles, fashion, accessories.”
NFTs are blockchain-based assets that are unique by design, and their popularity has boomed in recent months. Among their most critical characteristics, proponents say, is allowing for documented ownership of digital items. NFTs can represent digital files such as digital art, audio, video, and other forms of digital creative work.
The ownership of certain NFTs are recorded on distributed digital ledgers known as a blockchain, which also are used to power cryptocurrencies such as bitcoin. To date, a range of assets have already been sold as NFTs, including a rock album, old tweets and basketball highlights. RTFKT Studios has recently sold a collection of NFT digital sneakers for the metaverse.
Now historic auction houses, known for selling multi-million dollar paintings have entered the crypto collectible too. Just last week, an NFT collage from the artist Beeple sold at a Christie’s auction for $69 million and on Tuesday, Sotheby’s announced a partnership with digital artist Pak.
In the past critics have dismissed the NFT boom as a flash in the pan which would fade over time. On the other hand, some note their soaring popularity and considering what people are willing to pay for them, has coincided with a major rise in the value of many cryptocurrencies.
Sotheby’s CEO Charles Stewart told CNBC that NFTs are “new for all of us,”
“But there’s a lot here that’s really exciting and we think has staying power.”
Kim agreed, concluding:
“NFTs matched with art has a very strong value proposition because it does appreciate in value over time because it’s a social asset.”