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It was only a question of time that this would happen.
Earlier this week, Bali-based boutique property developer OXO Living announced the launch of its own NFT (non-fungible token) artwork collection – a world’s first.
Featuring 24 designs, one for each of its two dozen developments, the OXO Property NFT Collection or OXO Artwall is hand-designed by artisans in Bali and programmatically generated before being minted, stored and traded on the Ethereum blockchain.
The pieces are unique, abstract visual expressions of their chic townhouses and villas dotted around Bali, designed to accommodate digital nomads who want to live and work from the Island of the Gods.
For instance, The Chameleon by OXO is a five-bedroom villa in Buwit, Tabanan that, like its name suggests, is practically camouflaged into its jungle-like surroundings.
Generous landscaping is found everywhere, including on its rooftop, and one of the highlights is a 20m lap pool lined with turquoise tiles that glitters in the sunlight.
The architecture is by Word Of Mouth House and Triloka Architects and the interiors are by Emmanuelle Flahault.
Naturally, its NFT design features shades of green with the lap pool represented by a perfect teal-coloured circle.
In fact, the entire collection has a similar design style of geometric shapes in varying shades of colour that allude to each property’s palette.
“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, who conceived, founded 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.”
To ensure exclusivity, only one NFT per property will get minted and if it is for sale, the owners will have the first right of refusal to buy it.
The sale includes the NFT and a high-resolution source file that can be used to create a physical copy of the digital original.
OXO Living can also arrange for a print or handmade copy to be made by the artisans who created it to display in the residence.
This add-on service is an apt touch to the entire project – after all, it would be a shame to just “store” the artwork virtually.
