‘Digital home’ sells for $500,000 in latest NFT sale
Owner will be able to take virtual reality tour of ‘Mars house’, their new living quarters An NFT digital home artwork called ‘Mars House’ has sold for $500,000.Photograph: Online An NFT digital home artwork called ‘Mars House’ has sold for $500,000.Photograph: Online Tue 23 Mar 2021 05.20 GMT Last modified on Tue 23 Mar 2021 18.37 GMT In what might be most easily understood as the most expensive game of the Sims to ever be played, a “digital home” set within a Mars-like landscape has sold for $500,000 (£360,000) or 288 Ether, a cryptocurrency, in the latest purchase on the non-fungible token market .The house, called “Mars House”, was designed by Toronto artist Krista Kim with the help of an architect and video game software, the architecture and design magazine Dezeen reported.The new owner of the 3D digital file will be able to explore the open-plan mansion’s rooms using virtual reality (a digital world) or, in future, augmented reality (where digital elements added to a view of the real world).
SuperRare, a marketplace for non-fungible tokens (NFTs), said it was the “first NFT digital house in the world”.Q&A What are non-fungible tokens (NFTs)? Show
Non-fungible tokens, known as NFTs , are electronic identifiers confirming a digital collectible is real by recording the details on a digital ledger or database known as a blockchain.The tokens have swept the online collecting world and are an offshoot of the boom in cryptocurrencies.
In economics, fungible means an item is interchangeable, like cash, where one £10 note is worth the same as another £10 note and can be exchanged for it without losing any value.
Non-fungible tokens however are unique, and they are used to prove that an item is one of a kind and are aimed at solving a problem central to digital collectibles: how to claim ownership of something that can be easily and endlessly duplicated.
Musician and artist Grimes sold a collection of digital artworks for almost $6m (£4.3m) using the technology, while Jack Dorsey, the Twitter CEO, put his first ever tweet – “just setting up my twttr” – up for online auction as an NFT, with bids reaching as high as $2.5m.
But while the very technology of NFTs prevents them from being duplicated without permission, there’s nothing inherent to the sector that controls who can make an NFT in the first place – a fact that has caused dismay to some artists, who have found their work ending up in the “control” of people who had nothing to do with its creation .
There has also been criticism of the environmental impact caused by the computer processing power needed to validate the blockchain, a charge also levelled at cryptocurrencies.Photograph: Andre M Chang/Rex Features Was this helpful? Thank you for your feedback.Kim described her creation as a “light sculpture”.Every room has clear walls – who needs privacy on an uninhabited planet? Outside, there are several translucent sunbathing chairs for catching rays under the toxic-looking red sky, presumably while wearing some sort of breathing apparatus.
The purchaser now possesses a digital certificate of ownership protected by blockchain technology, described by New Yorker writer Nathan Heller in 2017 as “like the digital version of a scarf knitted by your grandmother .She uses one ball of yarn, and the result is continuous.Each stitch depends on the one just before it.It’s impossible to remove part of the fabric, or to substitute a swatch, without leaving some trace”.
The sale comes after a digital-only work by the artist Mike Winkelmann, known as Beeple, was bought for $79.4m , “positioning him among the top three most valuable living artists,” according to auction house Christie’s.Read more This week the first tweet by Twitter co-founder Jack Dorsey, sent almost exactly 15 years ago, sold as an NFT for $2,915,835.47.The post said: ““just setting up my twttr”.Earlier this month, Gucci launched sales of digital-only footwear at $17.99, a “ virtual steal ” at around $480 less than the luxury brand’s shoes usually sell for.The shoes could be “worn” using virtual and augmented reality.Kim told Dezeen she believes the NFT market “supports positive change through the crypto revolution” and that this revolution will “create real political action to support green energy and sustainability”.For the time being, NFTs are notoriously unsustainable, because producing an NFT is extremely energy-intensive.An artist named Joanie Lemercier who sold his digital works for six NFTs in 2019 calculated that the sale had used the equivalent of two years of energy use in his studio, Wired reported.
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