There is no question that smart contracts and NFT’s are the future of real estate, in the real world and in the Metaverse. JP Morgan is the first bank to already set up shop in the Decentraland Metaverse. One day there will be real estate agents who only sale property within the Metaverse, sounds crazy, but mark my words, those days are coming.
Today is April 19th and I just bought my first home in the Metaverse this week. Check out my CMG Pad
|There is no questino that real estate in the real world are going to be disrupted for awhile on NFT’s.|
Are NFTs the future of home ownership? The homebuying process can take a village.Real estate agents, mortgage brokers, and title companies are just a few of the players that move the process along. One real estate developer thinks crypto can help. Dave Wilkes, a developer, is building the state’s 1st home that will be sold as an NFT, per Utah Business.
In most real estate transactions…… the buyer purchases the home from the seller, and works with a title company to ensure the title (i.e., the legal right to own the property) is valid, and to insure it. Once the title changes hands, the county recorder’s office updates its records. But with this house, it’s different:The title is owned by an LLC.To take ownership of the home, the buyer purchases NFT tokens that equate to the home’s total value (currently listed at $4m). The purchase takes place on a smart contract on the Ethereum network.
Wilkes believes smart contracts can save buyers and sellers time and money by removing the need for title companies. Since purchases appear publicly on the blockchain, validating ownership of the home no longer requires scouring public records, and the ability to purchase the home through tokens means faster transactions.
Before you list your house as an NFT…… there are risks. First, the LLC will remain on the title in perpetuity, making it unclear who has the legal right to ownership of the home. Second, the process is so new, there’s little precedent for enforcing the terms of the smart contract.At this point, it may actually be safer to use your crypto to invest in virtual real estate.
|TRENDS4 NFT niches to get in on earlyStartup ideas and resources with the buzzword “NFT” are red-hot topics in the Trends Blockchain Facebook group.|
Here are 30+ NFT-related business ideas sourced by our creative community members. We’re swinging back with 4 more.
NFT insurance: UK-based Coincover is one of few official providers on the market.
NFT-powered subscriptions: Owning a Bored Breakfast Club NFT also grants free shipments of coffee.
NFT vending machines: Could it be? Neon has been testing an NFT ATM in New York City.
NFTs for student-athletes: You’ll just have to hear us out on this.