The metaverse is developing quite fast—just like the built virtual environment is the main foundation for all our activities, the virtually-built environment is the basis of this virtual world. This fact is changing our approaches, as architects, to designing and marketing our buildings; it is different when you are designing an NFT. NFT’s are a whole another world that has just welcomed architects and designers, thanks to the online platform SofA.
Courtesy of SofA
What is an NFT?
We were all perplexed by this growing term, so there’s no need to hide it—we have previously discussed the metaverse, NFTs, and digital real estate. To clarify, an NFT stands for “non-fungible token.” “Non-fungible” simply means that it is unique and cannot be replaced with anything else. For example, a bitcoin is fungible, which means you can swap one for another and get exactly the same thing. On the other hand, a one-of-a-kind trade card cannot be copied. If you swapped it with a different card, you’d get something completely different.
Courtesy of SofA
On a high level, most NFTs are part of the Ethereum blockchain. Ethereum, like bitcoin and dogecoin, is a cryptocurrency, but its blockchain also permits these NFTs, which store additional data that allows them to behave differently from an ETH coin, for example. It’s worth noting that different blockchains can make use of NFTs in different ways.
The First Design Community on the NFT Blockchain
The Melbourne-based platform uses non-fungible tokens (NFTs) to turn projects into digitally and physically distinct sources that can subsequently be sold for long-term profit. The strategy addresses the rising costs of working with architects, which are becoming increasingly out of reach for the average person or community.
SofA enables emerging and established creators to divide their production costs across limited series and collect royalty payments in perpetuity for good design by turning design into tokenized and investable assets. As the new wave of digital architecture emerges, it cannot be disputed that it also opens up a virtual universe of possibilities.
“In Australia, only 2% of all new homes between 2012-2021 were designed by architects—we hope that by reducing the cost to the end-customer, we can increase this statistic and improve the standard of living through better designing buildings and environments. With SOFA, prospective buyers will be able to shop through various design pieces till they find what they are looking for, purchase instantly and at a fraction of the cost. not only will architects and designers recoup their initial costs via the sale of the NFTs but then also receive royalties in perpetuity any time that design is resold in the future – creating a whole new economic model for them,”
—Dom Cerantonio, renowned architect and co-founder explains.
While the debut of SOFA marks a new era in architecture and design for our physical environments, it also ushers in a new era of digital possibilities.
