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The Curious World of NFT Real Estate and Design – The New York Times

People are selling and buying art, furniture and even houses and land that exist only virtually.

Mars House, a digital house designed by the artist Krista Kim, sold for an amount equal to $512,000.Credit...Krista Kim
Mars House, a digital house designed by the artist Krista Kim, sold for an amount equal to $512,000.Credit…Krista Kim

It’s not uncommon for people to buy vacation homes they may only visit a few times a year. What about a home you never visit? And that doesn’t actually exist?

The market for digital files sold as “nonfungible tokens,” or NFTs, has exploded this year, most notably when an artwork by Beeple sold for $69.3 million at an online auction held by Christie’s in March. But real estate, architecture and design are also booming in the virtual marketplace.

Hrish Lotlikar, co-founder and chief executive of SuperWorld, an augmented reality virtual world, said the company had sold “thousands of properties” already in 2021, with users spending, on average, around $2,000 on the virtual real estate platform.

SuperWorld is geographically mapped onto the real world, divided into 64 billion plots of equal size covering the surface of the earth. So a person could theoretically own virtual land encompassing the Eiffel Tower, the Colosseum in Rome or prime commercial property in Lower Manhattan. Or if you’re nostalgically inclined, an NFT of your childhood home.

“Some of those iconic properties people bought right in the beginning,” said Mr. Lotlikar, who grabbed up nearly 50 virtual properties on his own platform, including one encompassing the Giza pyramids in Egypt, Piccadilly Circus in London and several blocks in Manhattan in and around Times Square. “But everyone, regardless of where you grew up, you have special places.”

Unpurchased 100-meter by 100-meter plots on SuperWorld cost the same — 0.1 Ether, or the equivalent of $250 based on the recent value of the cryptocurrency.

“It’s definitely a land grab now,” Mr. Lotlikar said.

Mars House was designed to be visited and enjoyed in the metaverse, a shared virtual space.Credit...Krista Kim
Mars House was designed to be visited and enjoyed in the metaverse, a shared virtual space.Credit…Krista Kim

Read on >>> Source: The Curious World of NFT Real Estate and Design – The New York Times

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