NFTs are making a huge noise in crypto space from the mid of 2020 to till 2021. This billion dollar worth encrypted crypto tokens almost impacts 5+ industry, priorly in Music, Arts, Games Collectibles, and now experts predict that this is the time for nfts in real estate.
Though the NFTs - the new kind of crypto entities ensuring the digital ownership and rights for music, arts and games, it is very unclear about Is There Any Chance For NFT in Real Estate?
Big Yes! Because NFTs are mostly ERC721 tokens, this particular token standard provides frictionless and borderless secure trading of digital assets around the world.
Still now, there are very few virtual real estate projects providing strong proof in billions, which gives a hope that NFTs have a bright future in the real estate space.
- Propy NFT was considered to be the first nft marketplace that has completed around $1bn worth of transactions by connecting investors and agents at one place.
- Nonfungible.com - The tracking site of NFTs reported that, A plot in Decentralnad has been sold at around $283k.
- Mars House - The First ever Sold NFT Digital House Worth Of $500K
- Axie Infinity - Virtual Pet Universe (Alias) NFT Game which sold a token worth around $1.5m.
- There is a Twitter page For Real Estate NFTs which Sells NFTs On Tweets. (Ref: Natalia Karayaneva On Forbes.com)
The essence of real estate has already taken part in NFTs arena In the Name “Metaverse”
NFTs and Real Estate - The Merge of Two Different worlds
It's like gluing the two different worlds. At first, it seems like a peculiar combination but very soon it hits massive success! It's important to understand that Real estate NFT is applicable for both virtual and real-world assets. absolutely applicable for two scenarios, One can Tokenize the real-world house with the help of a digital artist as an NFT and the one who bought that NFT can get the complete ownership of the house. Platforms like Decentraland promote virtual land, house, the user can decorate the virtual house and can build a new house in the virtual land. When it comes to real-world assets, the owner can create a token that shares the ownership.
Another raising question is, How NFTs Could Change the Real Estate Industry?. This is so simple, NFTs are created for claiming digital ownership and transfer of ownership of any assets, and this can be highly applicable for real estate assets.
How NFTs can Change The Real Estate Industry ?
- Fractional Property Ownership - Owners can sell a portion of assets to a large number of investors through NFTs.
- Transfer of Ownership on Assets Without middelman - Blockchain reduces the risks in transferring the control over a party to another just through NFTs.
- NFT Real Estate Can be a virtual game - In which people can communicate, go for events, shop, earn, buy and sell their properties
- NFT Real Estate Can be a Mortgage - By tokenizing the assets it is easy to lend and borrow in terms of NFTs.
NFT Real Estate Marketplace
NFT Real Estate Marketplace - It is an online platform for real estate where investors and agents can collaborate with each other to buy and sell their virtual assets.
An NFT Real Estate Marketplace Would have The Following Elements
- Virtual Houses/ Lands/ Buildings.
- Virtual Cities/States/Countries/Region.
- Virtual Grounds,
- Lands and Maps.
- Decentraland Properties.
Features Of NFT Real Estate Marketplace
1. Attractive NFT Display
2. NFT Listing
3. Auction Process
4. Integrated NFT Wallet
5. Ownership sharing of an Asset
6. Effective 3D display
7. Multi-Layer Security
8. Multiple Payment Gateway Integration
9. IPFS storage system
10. Data Encryption
11. P2P Interaction
12. Trust-less Ecosystem
13. Two-factor authentication
14. Advanced SDK for land creation
15. Two-factor authentication
How Does the NFT Real Estate Marketplace Works ?
1. The Process is entirely different than the traditional selling process.
2. For instance, if the user wants to sell an apartment, He/She wants to tokenize it as an NFT.
3. The Created NFT holds unique properties, including cost, location, etc,
4. The seller can create shares for the token and sell it to many buyers.
5. Once the Tokenization is done, the NFT is listed in the marketplace and all set for Auction.
6. The auction winner is the owner of the NFT.
7. The NFT owner needs to sign the proprietary legal papers to transfer NFT ownership.
8. Then, The Tokenized NFT is sent to NFT wallet and the corresponding Cryptocurrency is sent to seller's wallet.
NFT Real Estate Vs Traditional Real Estate
The global Market size of real estate is more than 800 billion, thus its swift towards NFTs would leverage the NFT Economy for sure, There are a bundle of differences between the NFT real estate marketplace and traditional real estate. In Traditional system, people struggle to understand some complicated legal process as well as they are lots of ownership issues. We all have witnessed so many land ownership issues and the chances of duplicating the stamp paper is more. But the intervention of NFTs in Real Estate comes as the one step solution for all the above listed issues associated with traditional real estate which ensures ownership and every property is written precisely in the smart contract.
This promotes the Rise of NFT Real Estate Marketplace Development.
NFT Real Estate Marketplace Development
Real Estate NFT Marketplace Development is a process of creating a complete NFT marketplace just for real estate assets where investors and agents can connect with each other to buy and sell NFTs.
Benefits Of Real Estate NFT Marketplace
- Secured Transactions Over NFTs
- No Middleman
- Easy Transfer Of Assets To Anyone
- Instant Payments
- Full Access to Real World Assets
How To Create a Virtual Real Estate NFT Marketplace?
To create a virtual nft marketplace you should have a proper plan, and then the complete list of requirements that could fulfill your dream. Check out with our experts to know more about how to create a nft real estate marketplace.
NFT Real Estate Marketplace Development Company - Bitdeal
You can Create a NFT Marketplace For Real Estate Assets with the support of leading NFT Marketplace Development Company Like Bitdeal. At bitdeal we research the impacts of NFTs in various industries and create nft marketplace on various blockchain like solana, polkadot, cardano, polygon matic and more. If you need instant support our experts are ready to provide complete support 24X7.
Why Choose Us?
Bitdeal - NFT Development Company
Bitdeal being the best Metaverse NFT Marketplace Development Company in the industry, We hold hands-on-experience on various crypto projects on all kinds of blockchains. Our Can-Do spirit let us explore the nook and corner of the crypto market. Our prolific developers and skilled business advisors fortify our team. We provide diverse NFT Marketplace Services involves
- NFT Art Marketplace Development
- NFT Gaming Marketplace Development
- NFT Music Marketplace Development
- NFT E-commerce Marketplace Development
Our Best Selling NFT Marketplace Clone Scripts
- Opensea Clone Script
- Rarible Clone Script
- Axie Infinity Clone Script
- Decentraland Clone Script
- Splinterland Clone Script
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