862 Fenimore in New York is Up for sale via an NFT
Laura McQuarrie — June 12, 2021 — Art & Design
References: dezeen
862 Fenimore, The Edersheim Residence, was renovated by Paul Rudolph and is now up for sale as an NFT. After being refreshed many times over the years, the house was most recently refurbished in 2020.
The mid-century home, originally constructed in 1958, is being auctioned off on the OpenSea digital marketplace. Although NFTs are known as unique digital assets that provide proof of ownership that can be traded, they are also being explored as a means of tokenizing the exchange of other assets like property. Still, the winning bidder will need to go through traditional channels to prove their ownership of the house but blockchain technology has the potential to reshape the way properties are bought and sold in the future.
The mid-century home, originally constructed in 1958, is being auctioned off on the OpenSea digital marketplace. Although NFTs are known as unique digital assets that provide proof of ownership that can be traded, they are also being explored as a means of tokenizing the exchange of other assets like property. Still, the winning bidder will need to go through traditional channels to prove their ownership of the house but blockchain technology has the potential to reshape the way properties are bought and sold in the future.
Trend Themes
1. Property Nfts - The exploration of NFTs as a means of tokenizing the exchange of physical assets like property highlights the potential for a new form of ownership and trading.
2. Blockchain Property Transactions - Blockchain technology has the potential to reshape the traditional means of buying and selling properties, indicating a disruptive innovation opportunity in the real estate industry.
3. Digital Real Estate Marketplaces - The emergence of OpenSea digital marketplace for buying and selling mid-century homes opens up a new market for collectors and investors who are interested in owning physical assets digitally.
Industry Implications
1. Real Estate - The traditional real estate industry can benefit from the adoption of blockchain technology for property transactions that reduce the complexity, time, and bureaucracy of buying and selling homes.
2. Cryptocurrency - The growth of the NFT market for physical assets highlights the potential for cryptocurrency to become a mainstream asset class for investors who seek to diversify their portfolio.
3. Collectibles - The trend of buying and selling mid-century homes as NFTs on OpenSea showcases a new form of collecting physical assets digitally that appeals to a new generation of buyers and investors.
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