Related article
MetaMundo’s 3D NFT Villa opens up questions about the function of architecture in the metaverse
The first NFT office building is sold in New York City
The first NFT office building is sold in New York City
A NYC developer bought the first-ever non-fungible token (NFT) office building in New York City. “Located” at 44 West 37th Street, the 4,700-square-foot NFT serves as an immutable digital resource that points to transforming how we design, build, operate, and monetize our spaces with just “one click.” The 16-story building was created by spatial intelligence company Integrated Projects and questions the function of architecture in Real Estate and the Metaverse.
+ 5
Minted on the decentralized, open source blockchain Ethereum, 44W37 NFTs were sold for just 1 ETH. But what are NFTs? NFTs are unique tokens issued on the blockchain that represent something unique. They are primarily used to sell digital products such as art or music using cryptocurrency, such as ETH or Ethereum, which acts as a cryptographic medium of exchange through a computer network. Property currently takes two forms: A physical property NFT that can be made into an NFT through tokenization, and a virtual property NFT is a piece of land within the digital realm, often referred to as the Metaverse.
Owners can create, own, trade and monetize their digital assets without the hassle of transferring property ownership. This means selling/buying photos, 3D scans, plans, virtual tours and location reports instead of physical property. With an NFT, the transaction process is streamlined, allowing a buyer to take ownership of a piece of property within minutes. In addition, “NFTs can save owners the time, expense and coordination involved in reproducing the exact existing conditions in their physical space by painting a survey-quality picture of the building’s physical characteristics – architectural, equipment and mechanical,” Integrated Projects said.
Although these properties do not struggle with physical and human conditions that architecture has faced for centuries, it opens a new debate in architectural practice. With all the possibilities in the virtual world, market value seems to be the virtual axis of design, driving architecture into speculation and mere images. On the other hand, NFTs are the opportunity to establish strict ownership rules, not only when it comes to real estate, but when it comes to intellectual property.
“New York is the Rosetta Stone of the 20th century,” Rem indicated Enter Koolhaas Delicious New York. As many skyscrapers in Manhattan did, “44W37” is the beginning of a new era in architecture and real estate in megacities. The opening of MetaMundo’s 3D NFT Villa also questions the function of architecture in the Metaverse. Renowned architects have already pointed out their perspectives: Rashed Singaby, senior project designer at HOK, pointed out that “between designing for the metaverse and harnessing its capabilities, the potential is almost limitless,” and Leon Rost, director of BIG, considers that the metaverse inherent in architecture, where “structure, materiality and cost go out the window.”
Related article
MetaMundo’s 3D NFT Villa opens up questions about the function of architecture in the metaverse
