NFTs and their role in Architecture

“If you are an artist and still don't use NFT (Non-Fungible Token), you are potentially missing millions of dollars.”  ― Olawale Daniel

 

The above words hold true as NFT has become a sensation in such a small amount of time. For artists and creators it is probably the best platform in 2022 and in the upcoming time. You can be as creative as you want. 

 

One of the most significant advantages of using NFT is that it is immutable. It means you cannot change or modify any information as it is on blockchain. It cannot be copied like other digital currencies like ethereum.

 

NFT has opened new doors for the creators. Mostly if we look at NFT art we will find economics or political topics. But many creators have used this platform to develop new and different types of arts. 

 

With so much creativity, ideas and imagination flowing, NFT has entered the architectural segment as well. Obviously, there will be implications during its implementation but architecture is an art and NFT will give it a new medium of expression.

 

In the words of Anuj Jasani ― “If you are an artist and want to be a successful artist then learn to convert your art into NFT art”

 

Here in this blog you will learn about the implications of NFT in Architecture.

 

 

Scope of NFT in Architecture work

 

In NFT, digital art pieces are prepared. Normally an art piece can be reproduced and copied multiple times. Just like the portrait of Mona Lisa, the original piece is in the Louvre in Paris but its reproductions are around the globe in different places. You can also go to a shop and get the portrait photocopied. 

 

“The virtual world will open thousands of new opportunities for this new generation” ―Anuj Jasani

 

With NFT in architecture, unique constructions and designs can be created and marketed by the inventors. These creations are certified by the blockchain. With the help of metadata all the information related to the maker can be found out. 

 

Using the NFT virtual world is created which gives a plethora of opportunities to all the creators big or small. Many big creators like Alexis Christodoulo revealed that he sold a series of nine different cartoon movies at a great price. He also said that with NFT the line between real and virtual has become blurred.
 

Architecture is about art and science and NFT gives a platform to all the architects big or small to showcase their talents and create masterpieces. These pieces will stay forever in the virtual world with the help of blockchain. 

Nothing gets lost on it and if someone wants to find out about the creator they can use the metadata element to get all the information.There are so many platforms on which you can create the NFT’s.

 

We know that NFT works on blockchain technology especially on the Ethereum blockchain. A simple NFT is minted from tangible and intangible items like- art, GIFS, videos and highlights, designer sneakers, music, images etc. Now architectural designs are also included in NFT. 

 

Even some tweets are being sold as NFT. The co-founder of Twitter Jack Dorsey revealed that he sold a tweet for around $2.9 millions.

 

Chris Precht, one of the best Austrian architects, said that NFT in architecture has opened many opportunities for young architects and small companies. With this they can sell their famous designs virtually. This way they can raise money to build their dream projects later on.

 

The concept of architecture in NFT is not very well developed and interactive. But with the progress done in such a short time it will definitely develop.

 

 

First NFT Digital House

 

Did you know that the first ever digital house on NFT was sold for $500,000? It was designed by Krista Kim and was called the Mars House. It was designed so beautifully with gradients of blue and magenta. 

 

The house is set in a mountain side landscape and with a sunset that is everlasting. The maker of this house was so obsessed with her creation that she wanted to visit it through augmented reality with her friends and drink champagne in it.

 

It is evident that due to covid people they are finding comfort in virtual realities. They can imagine whatever they like and create it. With the help of mobile phones and computers people can live in this virtual reality. When this house was sold, many experts believed that it was the start of a new era.

 

It is believed that the Blockchain technology market size in 2021 is estimated at USD 5.88 Billion and is expected to rise to USD 394 Billion by 2028.  In March 2021, the market cap of just the 10 biggest projects alone was USD 432 million while, at the time of writing, the market cap is a staggering 2.9 billion. 

 

Also Read | Top 10 NFT platforms

 

Barriers to widespread use of NFT in Architecture

 

Even though NFT is growing like the speed of a train, there are various hurdles in the way. With the introduction of NFT in the creative field, many professions will be impacted and transformed. 

 

There are so many questions in the minds of architects and designers about such transformation. People are not sure whether it will be worth it or not. Given below are some of the barriers to widespread use of NFT in architecture.

 

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Barriers to NFT in Architecture

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• Purchasing methods

 

Many people believe that NFT is a bubble that will burst soon. The method of purchasing the designs and architectural NFT is a complex process. One has to register, make an account, add money, and then purchase it. 

 

It is not only a one time process rather people purchase NFT to resale them. So, one has to keep in mind that purchasing is done to resale in future.

 

• Price Restrictions

 

There are a lot of price restrictions when we buy the designs. Fluctuations are there, people always look for the best bid to sell the designs.

 

• Ownership issues

 

There are ownership issues as well. The designs and art are owned by not any single person but a group of people or architectural firms. Because of this there can be issues as to who will make profit through the NFT.

 

Also Read | MekaVerse Ethereum NFT

 

Architecture is not an easy profession at all. With NFT new architectures can find a prospective and use their creativity to a next level. Architects will feel free to do anything without worrying about the fees, costs or any other issue.