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World’s First Digital NFT Home, ‘Mars House’, Sells For $500,000

by : Saman Javed on : 23 Mar 2021 12:29
World's First Digital NFT Home, 'Mars House,' Sells For $500,000krista.kim/Instagram

An artist has sold the world’s first digital home, named ‘Mars House’, for more than $500,000.

Krista Kim, the artist behind Mars House, designed the virtual home with the help of an architect and software that is typically used to create video games.

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The result is a 3D digital file that – with the help of virtual reality – lets users experience a stunning, futuristic home surrounded by an imagined Mars atmosphere.

The artwork was sold on non-fungible token marketplace Super Rare. An NFT is a unit of data stored on a blockchain that represents a unique digital item like art.

Speaking to architecture and design magazine Dezeen, Kim described the house as a ‘light sculpture’.

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The artist believes that in the future, artwork like Mars House could be used to create augmented reality environments in applications such as SuperWorld, a virtual world where users can buy and sell virtual land.

‘Mars House is ready for that future, where it can be transposed onto our real environment and enjoyed with others,’ she told the publication.

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Last week, SuperRare announced on Twitter that Mars House had sold for 288 Ether, a cryptocurrency. This is the equivalent of $510,474.

Kim said the majority of proceeds will go to her Continuum Foundation, which supports a ‘world tour of healing sound and light installations for mental health and healing’.

‘NFTs can do powerful social good by empowering artists,’ she added.

‘Mars House will live forever as an NFT, so let it represent an art movement for humanity through the power of digital technology. Let this remind future generations that we are here to create a new and better world at a pivotal time in history,’ she wrote on Instagram.

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This week, art gallery SuperChief announced that it will be opening the ‘world’s first physical exhibition space dedicated solely to NFT artwork’ in New York on Thursday, March 25.

‘NFT’s are a brand new concept for 99% of the world right now, but basically, they allow someone to collect digital art and know that there is provenance. Which has forever been the missing element to establish Digital Art value. It’s the blockchain. It’s a serial number,’ the gallery said in its announcement, as per Juxtapoz.

It added:

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Beyond that is where it truly becomes a watershed moment for the art world at large. NFTs have for the first time in history created a system of royalties for artists. In the past, if a piece of art sold at auction years after a purchase, and sells for a gigantic sum, zero percent of that money goes to the artist who created it. But now, as the artist’s NFT is resold, 10% of that sale goes to the creator of the NFT. Every, Single, Time. Forever.

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Credits

Dezeen and 1 other
  1. Dezeen

    Artist Krista Kim sells "first NFT digital house in the world" for over $500,000

  2. Juxtapoz

    Superchief Gallery Opens the World's 1st Physical NFT Gallery Space