People are selling and buying art, furniture, and even houses and land that exist only virtually.
Did you know Some NFT properties come with actual, real-life? Today I want to talk about the Curious world of NFT Real Estate and Design because these digital homes and buildings are significantly influencing the design and construction of real-life properties.
It’s not uncommon for people to buy vacation homes they may only visit a few times a year, right? What about a home you have never visited? And a home that doesn’t actually exist?
As technology evolves alongside society, nearly all aspects of life are shifting to a version in virtual space. From work and school to conferences, classes, weddings, and other social events, with our phones, tablets, and computers, we can do all of these things from the comfort of our homes. But a surprising addition to that list is buying NFT real estate properties. Last week we introduced NFT’s and in case you didn’t catch that episode NFT stands for “non-fungible tokens.” And you probably already know that NFTs have disrupted the digital art scene, but you might be shocked to hear that you can also buy real estate only available in the digital world.
In 2020, when the Covid-19 pandemic forced the outside world to closed down, people struggled with newfound isolation. So, it’s no surprise that people turned to these digital worlds to socialize and pass the time. Just like gamers increasingly turned to video and online gaming as a social lifeline, tech junkies and real estate enthusiasts turned to investing and engaging in these digital worlds. In 2020, a digital home called Mars House sold for over half a million dollars during a Sotheby’s auction. It’s dubbed as the “first NFT digital house” ever to be sold. The Mars House was opened to the public for 45-minute virtual tours for 5 days last month where people paid $200 per ticket. The Mars House is also for rent for weddings and other virtual private events. Another example is a plot of virtual land on Decentraland sold for $283,567.
Virtual real estate isn’t that different from physical real estate – except for the fact that you can’t “physically” live in the digital world but you can design limitlessly without any rules. Many are designing their dream homes, dream artwork, and designing spaces with a new perspective. Many real estate developers are paying attention to the success stories of digital real estate sales and translating what they can take from those designs to integrate them into their building practices. By studying online spaces architects and builders are learning the new needs and want of consumers in a sort of petri dish.
What does all this mean for you?
Regardless of where you stand with this NFT real estate craze, one thing is certain: Technology is driving the future of the real estate. As you may know, real estate is one of the longest-standing industries, and it’s not going anywhere anytime soon. As long as humans are inhabiting the world, there will be a need for real estate. It is why it’s the best place to invest here on Earth and the future may even hold space for digital real estate investing- who knows?
