First Home Property In The U.S To Be Sold As An NFT
NFTs which are Non-Fungible Tokens are used for varieties of use cases especially for the proof of ownership utility. NFTs are tokens with a unique representation embedded on a blockchain. It’s embedment on a blockchain gives it is proof of ownership characteristics making its utility almost limitless.
While NFTs are used for arts representation, tickets, games, some people are using as a means to seal a deal since it represents a proof of ownership. This helps to eliminate the use of cumbersome paperwork. The property which is a Gulfport property is set to be sold as an auction with a $650,000 starting price. The property comes with an NFT which acts as the deed of the property making it possible for the owning rights of the property to be transferred to the new owner.
This shows a real use case and utility of an NFT, helping prove authenticity and legitimacy of ownership will be far easier and help prevent people from getting scammed by scammers and fraudulent real estate agents. Imagine wanting to buy a house and requesting for the NFT, then through the NFT, you can get all the necessary information regarding the property’s ownership.
The company hosting this auction is called Propy and it’s a real estate technology company. That’s the beauty of advancement and doing it first, while crypto is being adopted. People are currently buying properties with crypto, now people are transferring deeds and proof of ownership with NFTs. This will certainly help to create more blockchain and NFT awareness. Imagine someone with no crypto, blockchain or NFT knowledge wanting to buy a property. For now, it will be considered different, because it’s not the norm that people are used to.
Just like the first set of people to use the internet or the first set of people to use a mobile phone. It looked weird and different at first, but with time all these changed the world and we are all seeing it as a norm. Now we are seeing crypto doing the same to the world and making everyone seeing it as a norm as technology is gradually advancing. Crypto, blockchain and smart contract gradually changing the world and seeing NFTs use case being extended towards real estate just gives relief. Unlike seeing some of all these unnecessary over priced NFTs.
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It is fascinating to witness the change we all have been reading about. We all knew that this was possible. Knowing this can be done is different from actually doing it. Kudos to the company on being the first one to actually minting the ownership NFT. As you said, this should open numerous opportunities as others will emulate this to tap the market not yet explored by others.
It’s about to be an endless opportunity for crypto users
Game changing shit right here. Buying a house is a nightmare now but when you just buy the NFT and acquire the property it gets way easier.
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Makes everything easier and more convenient and most importantly eliminate the paper work stress
Oh wow! Amazing. I was totally looking at doing something like this in the future in Australia or even building a decentralised property portfolio of houses.
I think it would take some planning but there is even opportunities to offset rental costs with Blockchain gains providing real worth digital assets and affordable or cheaper housing stock and challenging costly real estate agents and their exorbitant fees.
The possibilities of blockchain is endless.
Posted Using LeoFinance Beta
Very endless, seeing the blockchain being utilized into different sections of the wild is truly amazing
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