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.
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.
Metaverse Real Estate
With the concept of metaverse gaining traction through various means, sales of plots of land on existing metaverse-based platforms have been exploding in the era of NFTs. This can be justified by the fact that someone paid a hefty $4.3 million on a plot of land on the metaverse real estate-based game Decentraland, and someone paid $50,000 to own the property next to that of Snopp Dogg’s in the Sandbox. Hence, it is certain that metaverse real estate plots will be hot assets to hold in the future, given the next step from the tech giant Meta (formerly Facebook.Inc) towards realizing the metaverse happens sooner. It is also possible that a copy of real-world plots will be created on a metaverse, where virtual plots would back real-world plots, and transactions can be written on smart contracts, hence eliminating lengthy paperwork.
Decentralized NFT Real Estate Marketplace
Decentralization is at the core of the blockchain world, and it also includes NFT real estate. A decentralized NFT real estate marketplace would allow peer-to-peer (P2P) trading of real estate without the involvement of third parties. Lengthy and slow paperwork would also be eliminated since the process already involves smart contracts. Such an NFT real estate marketplace saves time and money for both buyers and sellers and makes real estate an easier option for investment.
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.
NFTs can now be shelved onto the real-estate-oriented NFT marketplace platform.
Now the trading is carried out by bidding wars or direct buy or loan or whatever the property is up for.
Once a buyer is selected, a smart contract is digitally signed between them promising full payment of the cryptocurrency from buyer to seller crypto wallet after complete ownership of NFT is transferred.
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.
How To Develop Your Own NFT Real Estate Marketplace?
- Analyze your needs and that of your investors’ relating to the real estate NFT marketplace. A typical NFT real estate marketplace would contain smart listings and auction portals.
- Research the market in the region you intend to concentrate your new venture. Market research can be carried out through competitor analysis, public data, and more.
- Carefully have another look at the initial plan at this phase to discover any deficiencies or shortcomings and finalize your plan on paper before going for development.
- Next, carry out front-end development, where the user interface and the user experience features of your NFT real estate marketplace are created to make your platform seamless.
- Then, go with back-end development, where you design the features relating to the security and robustness of your new NFT real estate marketplace and pin it on a blockchain network.
- The crucial step of testing comes up next, where you have to repeatedly test the platform for any errors and resolve them immediately, eventually getting rid of any such error.
- Then, deploy the NFT real estate marketplace platform on your server and launch it in the public domain. Make sure you carry out regular upgrades to keep up-to-date.
“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.