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Madnfts In The Housing Market

from CNN

World’s first digital NFT house sells for $500,000

by Lianne Kolirin

The NFT digital Mars House sold for more than $500,000.
The NFT digital Mars House sold for more than $500,000. Credit: Courtesy Krista Kim

Having spent so much time at home over the last year, many people are craving a change in their surroundings. But if a coat of paint or some creative renovations fail to do the trick, there is now a more extreme alternative: The digital house. Mars House, the world’s first digital NFT (non-fungible token) home, has recently sold for more than $500,000.

NFTs have made headlines recently, allowing digital art and other musings such as drawings or music to be sold online.An NFT is a unique digital token which effectively verifies authenticity and ownership. It is encrypted with the artist’s signature on the blockchain, a digital ledger used in cryptocurrencies such as bitcoin.

The new owner paid digital artist Krista Kim 288 Ether — a cryptocurrency that is equivalent to $514,557.79 — for the virtual property. In exchange, the buyer will receive 3D files to upload to his or her “Metaverse.”Metaverse is a virtual extension of our world, Kim told CNN Tuesday, where plots of virtual land are purchased and traded, and digital homes and business are built.

[ click to continue reading at CNN ]

Posted on March 23, 2021 by Editor

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