NFT 'Mars House' Sells For Over $500,000

Long Beach (CoinChapter): The NFT world continues to expand into different aspects of society and the latest seems to be real estate. A Toronto buyer purchased the NFT home ‘Mars House’ for $512,712 worth of Ether in March.

The house was sold on NFT marketplace SuperRare. The buyer received 3D files and clips of the NFT piece set to music. Those files can then be uploaded to the buyer’s metaverse and used as a home for their avatar.

Mars House is the first blockchain-based digital house in the world according to SuperRare. The artist, Krista Kim, was inspired during the quarantine with hopes of promoting wellbeing through meditative design.

“Kim ventured into NFTs while exploring meditative design during quarantine; her hope was to use the influx of digital life as an opportunity to promote wellbeing,” the press release said. “Comprised entirely of light, the visual effects of her crypto-home are meant to omit a zen, healing atmosphere.”

Furthermore, Kim hopes to see some recreate the NFT in the real world. “Everyone should install an LED wall in their house for NFT art,” she added. “This is the future, and Mars House demonstrates the beauty of that possibility.”

As it stands, the house remains available only on a metaverse, a virtual world similar to popular videogames such as ‘Minecraft.’ Within the metaverse, users can buy digital assets, like homes, while living and interacting with other users via an avatar in the virtual world.

Janine Yorio, head of real estate group Republic, believes NFT real estate could be the future of home buying. In a post on CoinDesk she noted, “I predict that the best parcels of virtual real estate will appreciate faster than real-world real estate.”

NFT Mars House first blockchain based house

While ‘Mars House’ is viewed as the first blockchain-based house, it is not the first, or even most expensive virtual real estate property. In February, an Axie Infinity gamer paid $1.5 million in Ether to purchase nine Genesis plots.