Another intriguing sale in the NFT gold rush, the purchase of a digital home located within a Mars-like backdrop. This $500,000, or 288 Ether, directly out of some NFT enthusiast’s crypto wallet brings about the concept of a digital property market, which however obscure it may seem now, may become a legitimate industry down the line.
The rise in sales of NFTs certainly raises a question about the value of the digital property. The ownership of digital property may seem like an expensive game of Minecraft, but these kinds of digital art pieces are attracting a lot of attention.
We saw Elon Musk’s wife Grimes sell $6 million worth of digital art pieces at the start of the month, as well as the almost $70 million sale of a unique image created by artist Beeple.
The digital certificate of ownership is protected by blockchain and the ownership of this particular 3D digital file will enable the homeowner to tour through the mansion’s rooms using a digital reality world, which a games company helped develop to enhance the overall experience and increase the value of the purchase. The sale marks the first NFT sale of a digital house.
Do NFTs offer an opportunity for the struggling art world?
Obscure as it might seem, the creation and purchase of digital art pieces is certainly trending at the moment. The cryptocurrency world has great momentum right now and non-fungible tokens are a product of that.
As we mentioned before, the sale of digital artwork by Mike “Beeple” Winkelmann has inspired mainstream artists to consider selling digital versions of art pieces.
Well-renowned British auction house Christie’s facilitated the sale of an NFT for the 40-year old American graphic designer. The fact the sale was made through a legitimate auctioneer adds validity to the acquisition of digital ownership.
Luxury Italian fashion brand Gucci launched a digital-only footwear line at a reasonable $17.99, a good few hundred less than the cost of the actual shoes. For those wondering what you do with virtual shoes, the aim is to access the pair through augmented reality.
The development of VR technology certainly lends to the possibility of digital fashion becoming something sought after in the not-so-distant future.
Although the whole thing may just be a bubble, there is the impetus to use NFTs as a way to put money back into the artist’s pockets.
Simply creating and sharing content via social media platforms like Instagram and Facebook only provides artists with recognition and some money gained through advertisements.
From authors to filmmakers, there are many who now envisage NFTs as the future and the end of the creative process. The fact these digital art pieces are selling means people artists of all kinds will be keen to share their work and connect with audiences.
The blockchain revolution seems to be breathing life into an undervalued art world. NFTs have helped to create financial value for artists.
Art collection can be an extremely expensive hobby, mainly due to the fact pieces are normally one-offs, originals, or one of very few, and its’ this scarcity that makes the work so valuable. NFTs reinforce that understanding. Appealing to not just blockchain and technology fanatics, but also those in the art industry.
The power of blockchain continues to show its worth, with technology evangelists believing it has the power to change the way the world works today.
While one can only speculate at this stage, we see the implementation of blockchain in a variety of industries such as financial infrastructure, voting systems, health care, supply chain, and this list will continue to grow.
Expect to see the emergence of blockchain technology in various other sectors in the near future.
$500,000 NFT Purchase of Digital ‘Mars House