In early February of this year, Leslie Alessandra sold her home in Gulfport, Florida for $654,310.The sale made real estate history for the first time. House sold as NFT (Non-Fungible Token) on blockchain in the United States.
Since then, every home and other real estate sold as NFTs and paid for in cryptocurrencies heralds a major shift in the real estate industry. Art, as well as other assets tokenized as NFTs on the blockchain season ticket, carbon credit Real estate NFTs are gaining traction because they solve real-world challenges such as process efficiency and ownership transparency.
Efficient property transactions using NFT
Selling a home is traditionally a long, cumbersome, and expensive process. From the initial listing of a home to the final closing, an offline real estate transaction can take weeks or months. Soliciting and negotiating offers, verifying title and ownership, and completing necessary contracts and paperwork all add extra time and costs.
Tokenizing homes as NFTs offers powerful advantages for both businesses and consumers. This includes clear digital ownership that is irrefutable and permanently embedded in the blockchain for all to see. Interested buyers should be able to quickly and easily view previous owners, tax records, pricing history, and legal disputes related to the property. For real estate companies and property management companies, NFTs can be sold more easily and widely. For Alessandra’s Gulfport home, the auction attracted nearly 3,000 bidders.
Additionally, real estate NFTs can help streamline or replace slow and costly third-party processes such as title insurance and escrow. Also, like other of his NFTs, the actual transfer of property and funds can be completed securely and almost instantly, without all the paperwork and round-trip nature of the traditional closing process.
Real estate NFTs also offer interesting opportunities beyond traditional one-to-one home sales. For example, an NFT can represent a homeowner’s contractual obligation to pay a title or HOA fee/contract. Ownership via NFTs makes it easier and faster to borrow for a home by avoiding much of the extensive due diligence and paperwork traditional financial institutions require for mortgages and lines of credit. can do.
XRP Ledger Real Estate NFT
The world of real estate can be complicated, and anyone who has ever bought, sold, and/or rented a home will find it very difficult, especially for those of us who are unfamiliar with the jargon and other conventions. We know that it can be a tedious process.-Out of the industry.
To simplify the home buying, selling and renting experience, Ripple partners ProprHome leverages XPR Ledger to create and distribute NFTs It represents property ownership. The company leverages the speed and reliability of his XRPL to bring greater trust and efficiency to the Portuguese real estate market. ProprHome is also debuting his powerful NFT and real estate literacy programs to help new users understand and make the most of their experience.
And with Portugal having the highest concentration of realtors in Europe, ProprHome will help market participants find the best real estate agents by issuing a reputation currency that can be earned for good practices and advertising can be redeemed or traded for or additional exposure.
XRPL: NFT only
Companies like ProprHome are proving that XRPL is ideally suited for large-scale payments of NFTs and other tokenized assets, so they are promoting XRPL as a fast, low-cost, and secure public blockchain. looking to
NFT transactions on XRPL are completed in less than 5 seconds, cost just a penny, and require no complex smart contracts. XRPL can also handle high volumes of transactions, and key NFT functions such as minting, burning, and trading are pre-programmed as native functions of the ledger, making it user-friendly and profitable for large real estate companies and governments. Suitable for bringing
XRPL’s inherent advantages are enhanced by Ripple’s continued support for utility-based NFTs. We are excited to see what the future holds for functional NFTs through our $250 million Creator Fund to accelerate new NFT use cases. carbon marketmedia and entertainment, and beyond.
For more information on NFT support in the XRP Ledger, please visit: XRPL.org.
Want to create your own NFT with XRPL? Wave 3 applications are now being accepted in Ripple’s Creator Fund. Learn more and apply now.