A developer in NYC bought the first-ever NFT Office building in New York City. “Located” at 44 West 37th Street, the 4700 square meters NFT is an immutable digital asset that points to recasting how we design, build, operate, and monetize our spaces with only “one-click”. The 16-story building was developed by spatial intelligence company Integrated Projects and questions the role of architecture in Real Estate and the Metaverse.
Minted on the decentralized, open-source blockchain Ethereum, the 44W37 NFT was traded for only 1 ETH. NFTs are distinctive tokens issued on the blockchain that represents something that’s one of a kind. Real Estate presently has 2 forms: A physical real estate NFT that is made using NFT through tokenization, and a virtual real estate NFT which is a piece of land within the digital realm, often understood as the Metaverse.
Owners can build, own, transact and monetize their digital assets without the nuisance of transferring property ownership. That represents one sells/ buys images,3D scans, plans, virtual tours, and location reports rather than the physical property. An NFT helps streamline the transaction process, allowing a buyer to carry ownership of a piece of real estate within minutes.
Integrated Projects mentions that NFTs might save owners time, expense, and coordination implicated in re-producing the accurate current conditions of their physical space by painting a survey-grade picture of the building’s physical characteristics i.e.architecture, equipment, and mechanical.
Although these Properties do not work with physical and human conditions that architecture has encountered for centuries, it opens up a new debate in architectural practice. With all possibilities in the virtual world, market capitalization appears to be the virtual design axis, driving architecture into conjecture and mere images. Thus, NFTs are the opportunity to designate strict ownership regulations, not only in terms of real estate but in terms of intellectual property as well.
New York is the 20th century’s Rosetta Stone, suggested Rem Koolhaas in Delirious New York. As many skyscrapers in Manhattan did, the “44W37” is the dawn of a new era in architecture and real estate in megacities. The opening of MetaMundo’s 3D NFT Villa also questions the position of architecture in the Metaverse. Well-known architects have already pointed out their perspectives: Rashed Singaby, the senior project designer at HOK, implied that between designing for the metaverse and harnessing its capacities, the potential is almost limitless, and Leon Rost, director of BIG, considers the Metaverse intrinsic in architecture, where structure, materiality, and cost go out the window.
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