World's first 'digital NFT house' sells for over Rs 3.6 crore

An NFT, or a non-fungible token, is a digital object that can be a drawing, animation, piece of music with a certificate of authenticity created by blockchain technology

An artist has sold the world's first NFT-backed "digital" house for over Rs 3.6 crore (almost $500,000) amid rising interest in virtual design, Dezeen reported.

The house is named Mars House, designed by Toronto-based Krista Kim. It is a 3D model house. It was sold on a non-fungible token marketplace called SuperRare for 288 Ether, the report said.

An NFT, or a non-fungible token, is a digital object that can be a drawing, animation, piece of music, photo, or video with a certificate of authenticity created by blockchain technology. The virtual object, which is actually a computer file, can be exchanged or sold with its certificate. Hence, all NFTs have a unique quality and a distinct value from any other similar token.

According to SuperRare, upon purchase of Mars House NFT, Krista Kim Studio Inc will send the 3D files to the new owner by for file upload to the owner’s "Metaverse", which is essentially a virtual space.

Explained | What are non-fungible tokens and how is it different from Bitcoin?

Kim designed the home in 2020 to be a space that embodied her philosophy of meditative design and worked with an architect to render the house using Unreal Engine, a software that is commonly used to create video games, the report said.

Comprised entirely of light, the visual effects of Kim's crypto-home are meant to omit a zen, healing atmosphere, according to SuperRare. The artist also partnered with musician Jeff Schroeder of The Smashing Pumpkins to create a calming musical accompaniment.

“Everyone should install an LED wall in their house for NFT art.” Kim said. “ This is the future, and Mars House demonstrates the beauty of that possibility. Soon, we will all live in AR through our real environments using SuperWorld, a new app that has mapped the entire world for AR interface," Kim told Dezeen.

"I believe that the NFT market supports positive change through the crypto revolution," Kim said. "It is the crypto revolution that will create real political action to support green energy and sustainability."