Everyone and everything is going digital. This holds true even in the art scene and real estate industry.
Non-fungible tokens (NFTs) are changing the way we own things online. Fungible objects are items that can be exchanged with others of the same classification, or divided without altering their fundamental nature.
A good example is currency. A ₱1,000 can be broken up into hundred bills or a thousand coins. On the other hand, non-fungible things cannot be directly replaced or interchanged. These are stuff with verifiable identity; assets that are indivisible and irreplaceable. NFTs are unique digital collectibles on the blockchain that bring real-world value to cyberspace. For context, a blockchain is an ever-growing list of data records linked together via cryptography. It is a chain of data structured into chunks or blocks strung together, commonly used as a ledger for transactions.
In mid-February, contemporary Bali-based property developer and management services provider, OXO Living, made history by launching its own property NFT artwork collection. The series of artwork is designed to immortalize each of the 24 stylish properties in the company’s portfolio with unique visual representations on the blockchain.
The project, known as the OXO Artwall, features 24 handdesigned and programmatically generated artworks “minted (created),” stored, and traded on the public blockchain, Ethereum.
Each piece serves as an abstract visual expression of every OXO property built since the company first started making its catalog of townhouses and one-of-a-kind contemporary chic villas in Bali in 2015. These properties cater to the digital nomad lifestyles of a new breed of savvy entrepreneurs and lifestyle enthusiasts who have chosen to live and operate their businesses remotely from the Indonesian province.
“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,’ says Johannes Weissenbaeck, advertising entrepreneur-turned-property developer who conceived and runs OXO Living. “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.”
The works are unique representations of each of the properties in the company’s Bali developments OXO Townhouses Umalas, OXO Townhouses Berawa, Chameleon by OXO, Wonderland by OXO, as well as the pleasure yacht Splendour.
Only one NFT per property gets minted, allowing a truly distinct and rare art collection. Buyers of OXO Properties have the first right of refusal to purchase the NFT for their respective property. Anyone who has a crypto wallet and access to the internet, however, can purchase and trade OXO Artwall NFTs.
The OXO Property Collection is currently for public sale on OpenSea, the world’s biggest NFT marketplace. Upon purchase, owners receive the actual NFT and a high-resolution source file, which can be used to make a physical copy of the digital original.
If an NFT owner wishes to have a physical copy made for them, OXO Living works with Bali’s local businesses and craftsmen to create a print or handmade copy of the work. The initial offering of each artwork is priced at 1 Ethereum, which is equivalent to $ 2,611.98 at press time.
Source: Manila Bulletin