When the digital artwork “Everydays: The First 5000 Days” by American artist Beeple sold at Christie’s for $69 million earlier this year, it was clear that a major revolution was afoot. That revolution is the rise of virtual assets, or NFTs, which have their ownership status and authenticity verified by blockchain — much like a deed.
It’s not just virtual artwork that is exploding, but also virtual real estate in the form of virtual plots of land or virtual buildings. Crypto-investors say that the real explosion will happen when people are able to experience these NFTs as they were intended — i.e. move around on your plot of virtual land or architect-designed virtual home and have an immersive experience in this ‘metaverse.’