“Architecture-as-art” has hit the Non-fungible token (NFT) scene. “862 Fenimore”, in Larchmont New, York has been listed as the World’s first NFT on OpenSea.
The house was designed by American architectural genius Paul Rudolph.
It brings many benefits to the marketplace.
One of those is the expansion of the cryptocurrency and NFT space into previously unexplored niches and industries.
Another benefit is the possibility of gaining greater value for real estate besides the value of the property itself.
For the savvy guys, this expands the economic possibilities and the ways to make profit.
It is the beginning of interesting times for the NFT space.
Naturally,we were quite curious about this and decided to get in touch with the owners. The owners wished to remain anonymous.
However, the property has Houlihan Lawrence as the estate brokers.
Here is what they had to say.
Congratulations on the minting of your token! What’s the significance of minting the world’s first architectural token?
I hope this is the start of a new way of listing and owning famous historical architecture.
How has the response been to the listing on OpenSea?
There has been a very positive and welcome response across both the architectural and NFT community. It would be interesting to see access to a wider audience of buyers, other than traditional local real estate oriented buyers.
Please, can you tell us more about the listing? What’s involved?
The listing is priced in Ethereum with a minimum list price of 1 Ether and a hidden reserve. Anyone with a wallet with 1 ETH in it, can make a bid on the Architecture. The winning buyer, will contact us via their real estate attorney to ensure that the deed and covenants are transferred lien free to the 862 Fenimore LLC.
The LLC will list the owner of the token as the 100% owner of the LLC. The winning ether is transferred to the sellers wallet, who uses the proceeds to complete the transaction, and pay off the fees. If a buyer wishes, they can use an intermediate escrow account to ensure the process is safe for them.
It is tax advantageous for a crypto currency owner to buy a real asset directly with crypto, rather than converting into dollars and paying taxes before purchasing a real asset.
How did you get involved with cryptocurrencies and NFTs?
Its been an exciting space for many years, and the borders and boundaries of transactions in the digital world and the real world have blurred.
Do you think houses and other forms of real estate also have artistic value besides their real estate value?
Its possible, based on how unique they are. At one end you could have Frank Lloyd Wright’s Taliesen as a put Art as Achitecture piece, on the other hand, we have cookie cutter developments that dot the country. Every buyer can decide that the artistic value of real estate would be over what they could pay for a loving and comfortable house.
Do you think the NFT space is in a bubble? Please tell us the reasons for your answer.
I dont think so.
How is architecture art?
The creations of famous architects are well acclaimed and deserve honor as physical art in the world.
Could the “architecture as art” movement begin a fresh wave of NFT listings in America and the world? Please give us scenarios of how this would happen.
Its entirely possible that this is the start of a new trend. I believe it all depends on how the bidding process goes, and if this NFT sells as planned in the digital world, or in the physical world.
Where do you think the NFT space would be in the next ten years?
I see a variety of unique real assets also listed and traded as NFTs.
Do you have any other plans to list other NFTs? Please tell us about them.
None at the moment.
How does it feel to make history?
Its exciting to be part of a greater movement
Do you think there are other opportunities within the NFT space for listings?
I think all real assets can be listed as NFTs. In the future digital wallets can have secure ownership of associated deeds, or vehicle VIN numbers.
If you had three wishes and a genie that could make them come true, what would they be for the NFT space?
Lower transaction fees
Ease of searching and transacting
More confidence in the process.