NFT Real Estate Marketplace Development

Article about NFT Real Estate Marketplace Development

Published by

Sep 29, 2021

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. 
  • - 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.

    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

    Source From : Bitdeal - NFT Real Estate Marketplace Development

Articles authored by  alex jaxon

Published: Sep 29, 2021

Published: Sep 8, 2021