{"id":31545,"date":"2025-01-16T17:38:36","date_gmt":"2025-01-16T17:38:36","guid":{"rendered":"https:\/\/peraltafinancing.com\/business\/real-estate\/are-nfts-good-for-real-estate\/"},"modified":"2025-01-16T17:38:36","modified_gmt":"2025-01-16T17:38:36","slug":"are-nfts-good-for-real-estate","status":"publish","type":"post","link":"https:\/\/fivemor.com\/?p=31545","title":{"rendered":"Are NFTs good for Real Estate?"},"content":{"rendered":"<p> <br \/>\n<\/p>\n<div>\n<p class=\"fonts-plugin-block\" style=\"font-weight: normal;\"><span class=\"has-inline-color has-very-dark-gray-color\">NFTs have entered the real estate market.\u00a0 And the Real Estate Tech and Fin Tech conversations.\u00a0 For most, it\u2019s even unclear what NFTs are, or how they are created, let alone what their impact on the real estate industry might be.\u00a0 Are NFTs to become the standard mechanism for buying and selling property, and should agents worry?\u00a0\u00a0<\/span><\/p>\n<p class=\"fonts-plugin-block\" style=\"font-weight: normal;\">What most people know of NFTs are spectacularized examples of <em>digital collectibles<\/em> trading for outlandish prices with increasing frequency and popularity (especially when involving celebrities).\u00a0 A Japanese rainbow-powered, pop-tart kitty (the Nyan Cat) selling for nearly $600,000.\u00a0 Ten thousand iterations of an apathetic monkey (called Bored Ape), selling for as much as $2.85M.\u00a0 The sector is hot and moving faster than EVs.\u00a0 According to BNP Paribas, in 2021 the total value of all NFT transactions worldwide jumped 21,350% to more than $17 billion, from \u201conly\u201d $82.5 million in 2020.<\/p>\n<p class=\"fonts-plugin-block\" style=\"font-weight: normal;\">The du jour trend of digital \u201cart\u201d traded on a digital exchange sort of makes sense.\u00a0 But trading a physical thing, and in this case the most important physical asset that consumers might ever purchase, doesn\u2019t compute.\u00a0 Spectacular cognitive dissonance.<\/p>\n<h3 class=\"has-text-align-left wp-block-heading\">HOW CAN REAL ESTATE BECOME AN NFT?\u00a0<\/h3>\n<p>A year ago, TechCrunch founder Michael Arrington sold his apartment in Kiev, Ukraine\u00a0using an NFT for 93 Ether (ETH), or roughly $93,000.\u00a0 This year, a five-bedroom, three-and-half-bath home located near Tampa Florida home, was purchased for\u00a0 ETH worth approximately $650,000.\u00a0 So far, NFTs have been used to purchase and lease everything from apartments and mansions to office buildings and hotels.<\/p>\n<p>Let\u2019s step back and walk it through.\u00a0 NFTs are Non-Fungible Tokens, a new type of digital asset that is minted, and stored, on a blockchain.\u00a0 What is a blockchain?\u00a0 In simple terms, a blockchain is a digital ledger.\u00a0 When you \u201cmint\u201d an NFT, you are buying a piece of code that lives on the blockchain (specifically the <em>Ethereum<\/em> Blockchain).\u00a0 This code can be anything you want, but it must be unique.\u00a0 You are essentially creating a new smart contract on the Ethereum network that defines the NFT.\u00a0 This smart contract can be used for digital collectibles, gaming tokens, or the ownership rights for real estate<strong>.<\/strong><\/p>\n<h3 class=\"has-text-align-left wp-block-heading\">WHY NFTS MAY APPEAR BETTER-LOOKING THAN OLD-FASHIONED TRANSACTIONS\u00a0<\/h3>\n<p>Besides being trendy, buying and selling real estate as an NFT seems a safe and efficient way to transfer ownership of property.\u00a0 Once an NFT is minted, the code is immutable and cannot be altered. The transaction is verified by computers around the world called \u201cminers.\u201d\u00a0 This makes NFTs tamper-proof and secure, preventing real estate fraud or theft. The smart contracts that power NFTs can automate many of the tasks traditionally performed by the intermediaries of a real estate purchases, reducing time and cost. The NFT can include all relevant documents, such as the title deed, which can be verified and transferred with a single click.\u00a0 The real estate NFT can record and track the entire history of the property, from ownership to mortgage payments.\u00a0 NFTs are divisible into smaller units, making them especially useful with real estate asset nuances, like fractional ownership and rentals.<\/p>\n<h3 class=\"has-text-align-left wp-block-heading\">A NEW KIND OF TRANSACTION, BUT STILL A HOUSE \u00a0<\/h3>\n<p>In this discussion, the NFT is not a bad or disruptive thing, it\u2019s just a transactional tool.\u00a0 Its impact on the agency and brokerage ultimately depends on how it\u2019s used. \u00a0NFT is one, dependent variable in the overall equation.<\/p>\n<p class=\"fonts-plugin-block\" style=\"font-weight: normal;\">Because the underlying asset of being exchanged is still a house (or condo, or building), there is some fine print that cannot be ignored.\u00a0 Even with all the relevant documentation stored securely on the blockchain, and the crypto payment for the deed is confirmed, the transfer of property is still not complete and cannot be completed with the click of a button.\u00a0 The sale of real estate as an NFT is not officially real, in the real world, unless it\u2019s recorded with the municipality.\u00a0 This is a showstopper without a creative workaround.\u00a0 A cliffhanger resolved in the next, Are NFTs Good for Real Estate, blog.\u00a0 Stay tuned\u2026\u00a0<\/p>\n<\/p><\/div>\n\n","protected":false},"excerpt":{"rendered":"<p>NFTs have entered the real estate market.\u00a0 And the Real Estate Tech and Fin Tech conversations.\u00a0 For most, it\u2019s even unclear what NFTs are, or how they are created, let alone what their impact on the real estate industry might be.\u00a0 Are NFTs to become the standard mechanism for buying and selling property, and should [&hellip;]<\/p>\n","protected":false},"author":1,"featured_media":31546,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"footnotes":""},"categories":[99],"tags":[4856,1416,12996,482],"dealstore":[],"offerexpiration":[],"class_list":["post-31545","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-real-estate","tag-estate","tag-good","tag-nfts","tag-real"],"yoast_head":"<!-- This site is optimized with the Yoast SEO plugin v26.4 - https:\/\/yoast.com\/wordpress\/plugins\/seo\/ -->\n<title>Are NFTs good for Real Estate? 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