The day has come when owning real property is no more fun. How about buying it in the form of digital artwork?
You can now buy a beautiful Bali villa in the form of digital art, all thanks to OXO Living, a contemporary property developer and management service provider. The company has made history by producing first-of-its-kind property NFT (non-fungible token) collection.
What do we know about property NFTs?
View this post on Instagram
OXO Living started the construction of townhouses and chic villas in Bali in 2015. Since then, they have made a name for themselves for constructing properties that are appropriate for today’s generation, like tech-savvy entrepreneurs and lifestyle enthusiasts who can do their work from any location across the globe.
These beautiful houses have been converted into 24 NFTs which are intricately hand designed and programmatically generated. These unique digital artworks which are an abstract expression of each property are minted and traded on Ethereum blockchain. This unique NFT collection is known as OXO Artwall and is available on OpenSea which is the world’s largest NFT marketplace.
The auction and who can buy these NFTs
The collection became available for sale to the public for the first time on 15 February 2022 on OpenSea. Therefore, anybody who is willing to invest in digital art can take part in the auction. However, the first right of buying or refusing the unique NFT goes to the owner of the actual property on which the digital art is based.
Moreover, once the purchase is done, the owner will also receive a high-res source file that can be used to make the physical print of the digital art. The starting price of each piece is 1 Ethereum which is USD 3,241(approx.) or Rs 2,45,152.
A little more about these NFTs
Talking about NFTs in more detail in a press release, the founder of OXO Living, Johannes Weissenbaeck said, “The algorithm used to digitally generate each artwork is based on the location, personality, signature, orientation, volume, interior and decor of each property, creating a hierarchy of rarity, complexity, visual significance and value. As a number of our investors and residents are crypto entrepreneurs, we thought that being the first developer to link our properties to NFTs was a perfect fit for our brand.”
Access OXO Living’s property NFT Marketplace here.
(Hero and Feature image credit: OXO Living)
This story first appeared on Lifestyle Asia Singapore.