Contemporary artist Krista Kim recently sold an NFT-smashed digital home for 288 ether, worth more than $ 500,000 based on the cryptocurrency’s trading price Wednesday.
The creation – called Mars House – is part of Kim’s grand vision for the role augmented reality will play in the world, she explained in an interview on CNBC’s “Squawk Alley.”
“At the moment, many of the [NFT] art currently available on platforms, it is a very limited parameter of how you can present the art, “Kim said Wednesday.” It is in fact presented as a digital file, a beautiful drawing or video on your screen, but my intention was to look further. “
The new owner of Mars House, she said, will be able to upload the file to various metaverses – 3D immersive worlds – and experience the digital real estate there. She said Mars House represents “the next generation of NFT art.”
“For me, I actually envision that we will be living in an augmented reality lifestyle within a very short period of time,” said Kim, predicting that this could happen in “a few years”.
A rendering of Mars House, a 3D NFT creation from Krista Kim Studios that recently sold.
Artist: Krista Kim
The metaverse is an informal term used to describe a collaborative and immersive virtual world, and companies like Roblox and Fortnite creator Epic Games are working on the concept.
Augmented and virtual reality are essential to provide these worlds with a more immersive experience. AR is a technology that overlays computer-generated images over real-world views, while VR continues in a complete virtual space. Both have historically been associated with some type of wearable headset or glasses.
Facebook’s Oculus is a well-known brand that makes virtual reality headsets, and the social media giant’s CEO, Mark Zuckerberg, has predicted major advances in AR and VR over the next decade. Facebook plans to release smart glasses later this year.
Microsoft has its HoloLens offering, and, Kim noted, Apple has long been rumored to be working on an AR product.
Kim sees a pivotal role for NFTs as the so-called AR lifestyle progresses.
“We are all going to decorate our environment and our personal space, our fashion,” she said. “Just like tattoos. People express themselves with tattoos. It’s an art form. Well, people are also going to express themselves with digital … assets and decorative pieces and collectibles, fashion, accessories.”
A rendering of Mars House, a 3D NFT creation from Krista Kim Studios that recently sold.
Artist: Krista Kim
NFTs are blockchain-based assets unique in design, and their popularity has skyrocketed in recent months. One of their most critical features, proponents say, is the enabling of documented ownership of digital assets.
Ownership of a particular NFT is recorded on distributed digital ledgers known as a blockchain, which are also used to power cryptocurrencies such as bitcoin. A range of assets are already being sold as NFTs, including basketball highlights, old tweets, and a rock album. Recently, RTFKT Studios sold a collection of NFT-punched digital sneakers for the metaverse.
Historic auction houses known for selling multi-million dollar paintings have also entered the battle of crypto collectibles. Last week, an NFT collage by the artist Beeple sold at a Christie’s auction for $ 69 million. On Tuesday, Sotheby’s announced a collaboration with digital artist Pak.
Critics have dismissed the NFT boom as a flash in the pan that will fade over time, and some note that their surging popularity – and what people are willing to pay for it – coincided with a major rise in the value of many cryptocurrencies .
NFTs are “new to all of us,” Charles Stewart, CEO of Sotheby, told CNBC on Tuesday. “But there’s a lot here that’s really exciting that we think will last.”
Kim agreed, saying that “NFTs that fit art have a very strong value proposition because they increase in value over time because it is a social good.”