There is full transparency of transferring ownership of the property in full and not in fractions.
NFT and Real estate- A comprehensive collaboration
“Imagine if we could buy a piece of land in the form of NFT and borrow against that NFT from DeFi at very low interest. Why would anyone be willingly going to loan sharks for a mind numbingly long paperwork.”
NFTs are the most trusted way of owning an asset in this digitized world nowadays and the trend for NFTs is continuously growing and evolving into the next big thing.As we all know NFTs are smart contracts in decentralized nodes which help a specific someone to take ownership of his asset for which he/she can trade/sell/loan in the futuristic upcoming market platform for a huge profit. Scarce or Unique an asset is, up goes its value.
NFTs are mingling in every aspect of society, nowadays there is a growing trend to collaborate NFTs with the real estate market. As technology is crossing the mark of unconventional thoughts, virtualization is becoming a parallel world within, which is populated with the inconceivable imagination of a person.
Why Real estate Market?
Before the technological boom, people would buy a piece of property and get involved in the long and tedious paperwork and before they even think to move in, another selling opportunity will leave them hanging in between and get them stuck again in paperwork and as it is true “Time is Money” they lose a potential gain. Just like “Billionaires Row” in New York City has apartments worth $20M to $30M with no one living in them, People nowadays made a piece with the fact that real estate needs a change in the technical department.
The people set the price for an asset which are based on 2 factors
Transferability of the asset
Scarcity of an asset
The larger a group of people believe in rarity or importance or have a heritage value of an asset, the more cost hype it will get in the market, whether it is in the real or reel world.
NFT and its cutting-edge technology
This cutting-edge blockchain technology is a major part and one of the reasons for virtualization. People nowadays are converting their property asset into NFT because of its interoperability and transparency along with the consensus. Land NFT is not only becoming a physical world service but also integrating virtually as there are several services running on the blockchain platform which provide you with the virtualized aspect of real-life experiences for example there is a service which is a kind of virtual platform known as “Decentraland” and because of NFTs blending with real estate, Decentraland is a place where one can buy virtual plots in form of NFT and use it as virtual office, shop, school, university, even a mall for promotional events of new products or anything that happen in real-world can be fabricated here.Imagine the possibility of having a world free from a pandemic or having a virtual school for the farthest corners of the world, reliving or having a cup of tea with the greatest set of minds.
How Real estate NFT works
First of all, the preparations have to be done regarding paperwork of property turned NFT like binding them in a smart contract, permission or legal work way to be recognized by the government.
A Minting Process is carried out that depicts NFT has legal data about the property like paperwork, disclosures, reports, property images, or videos.
Now the trading is carried out by bidding wars or direct buy or loan or whatever the property is up for.
Features Of Real Estate NFT marketplace
In real estate NFT you don’t have to physically move or do anything to property like in art or music. All the work revolves around paperwork.
Rising marginal cost, realtors cut and other fractional costs are the only hurdles in real estate which scare a potential customer. By using NFT, all the overhead cost sheds to give a perfect price.
NFT did not reduce paperwork for property transactions like tax forms, deed forms, etc but only skips a few steps along the way.
“There may come a time where you walk past a house and can bought it on your way back”
Benefits of Real estate NFT marketplace
The very immovability of the real estate makes it a desirable candidate for the 3rd parties with blockchain access to be used as collateral.
As in the real world, smart contracts can be designed in such a way that can sell/ loan/Short-Term lease/ Long-term Lease.
Allows collecting virtual land as an asset that has real value.
No chance of falsely acquiring a piece of land would be a plus.
Blockchain App Factory
Teams at Blockchain App Factory will provide you with cutting-edge technology. As we have research centers from around the world, your project will be showered with the utmost user experience.
Our development services are
NFT Marketplace Development
Teams will help you tokenize your collectible, develop integrated UI, Mobile Dashboards and all the required specifications.
White-label NFT Marketplace Deployment
At Blockchain App Factory, we provide you with the pre-processed, fully ready-to-deploy marketplace blueprint which can be tweaked according to your requirements.
NFT Token Development
The Marketing and Research group will help fuel the development by giving teams insight into what the world market is currently offering in the type of token and coin development
NFT Minting Platform Development
Blockchain App Factory helps you build smart contracts which are rigid, flexible, and unhackable to transparently lock your ownership and all the information across multiple blockchains.