Someone Just Bought A House For $500,000 And They Can Never Live In It

As people all over the world struggle to put money together for their first mortgage, an artist and designer has sold a virtual house that will never be lived in for $500,000 (£360,000):

Contemporary art creator Krista Kim sold the non-fungible token (NFT) property for 288 ether - which, based on the cryptocurrency trading price, is around half a million (in US dollars).

The design - dubbed 'Mars House' - will be accessed by the new owner on a file for them to experience the digital real estate.

Krista's creation is actually part of a much bigger vision for the role of augmented reality and how it will be used in the world.

CNBC

Speaking to CNBC, Krista said: "Right now, a lot of the [NFT] art that's currently available on platforms, it's a very limited parameter of how you can present the art.

"It's presented, basically, as a digital file, a beautiful drawing or video on your screen, but my intention was to look beyond that."

She then went on to predict: "For me, I actually foresee that we will be living in an augmented reality lifestyle within a very short period." Before adding that it could happen in 'a couple of years'.

We'll need a couple of years to get our head around it.

CNBC

Speaking about her idea for the future, Krista went on: "We're all going to be decorating our environments and our personal space, our fashion.

"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."

According to Reuters, NFTs are a type of digital asset (images, videos, music, text and tweets), that exists on a blockchain. The blockchain lets anyone verify the asset's authenticity and ownership.

While most digital items can be reproduced endlessly, an NFT is one of a kind and has a unique digital signature. Hence why they're spenny.

NFTs are usually purchased using either dollars or ether cryptocurrency. Though anyone can view them, the buyer has the privilege of being the official owner.

Topics: News, Interesting

Rebecca Shepherd

I'm Becky - a journalist at LADbible. I graduated with a First Class BA in Journalism before going on to cover criminal court cases, medical tribunals and breaking news for the national media - which inevitably and eventually became as glum as it sounds. Can often be found rocking a bag for life - which I made a 'thing' way before Rihanna. You can contact me at [email protected]

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