By AcreageWay on May 10, 2022
nft

Real estate and NFT

NFT Marketplace For Real Estate

Twitter co-founder Jack Dorsey sold the NFT of his first tweet for $2,915,835.47 dollars! Bored Ape Company’s NFT rises to $285 million dollars! In just five days, a Philippine student sold his nft collection of 1000 selfies for $5 million!

This is the kind of news we hear every day, and it always makes us wonder what wonders NFT is doing in the world.

NFT is the biggest revolution in online transactions that ensures 100% safety, no manipulation, and keeps each and every transaction recorded. The best part is that the data is stored in digital form and in public ledgers.

If you want to understand the revolutionary change of NFT in the world and how it's booming in real estate, then this blog is the best place to invest your time and knowledge in!

What is NFT?

NFT stands for Non-Fungible Token. Non-fungible means the thing that is ‘non-replaceable or non-exchangeable," meaning the thing that cannot be exchanged for similar things. 

 

It can be understood by taking an example, if you have a 100 dollar note, you can exchange it for 10 notes of 10 dollars. This is called replaceable. 

In the same way, if we talk about property, you cannot replace your property with another property, as your property is unique and different from other properties. This is termed "non-exchangeable" or "non-replaceable."

A token symbolizes digital ownership. When you purchase a property, you get a registered copy or documents that clearly state your ownership. 

Tokens, on the other hand, clearly state your digital ownership of digital assets. The tokens are tracked through the blockchain. 

A blockchain is a technology on which bitcoin and other crypto currencies are based. A record of every transaction is maintained for the public. 

To simplify the meaning of blockchain, let's go with an example. When you are paying your friend through Paypal, let's say $100, the bank will check the balance in your account. If the balance is available, then it will be transferred to your friend.

On the other hand, your friend’s bank will check if the money has been transferred or not. If the money is transferred, it will be credited to his account.

Blockchain technology replaces the involvement of third parties in the transaction, and it is limited to two-tier transactions. 

You can create your own artwork in the form of NFTs and sell it. The transactions are recorded in digital form and can be visible to the public.

The Role of NFTS in Real Estate

NFT is the most trendy topic in real estate. It is very safe as the data cannot be manipulated, and then you can keep a record of each and every transaction. 

Dealing in NFT real estate is very portable as you don't need to wait for investors, realtors, or banks. You can purchase property at any time and anywhere. 

Another exciting fact is that you can earn a passive income. If the property is further resold, you can charge commission on it. Moreover, it also removes the chances of fraud and manipulation as you have access to every transaction.

The booming concept of NFT is that you can buy virtual property in a virtual world where you can use your plot for house parties, business or doing other fun activities. 

You will be surprised to know that these virtual properties are sold or purchased for a million dollars. Many young investors are investing in this business as the investors earn a large amount of profit on the sales. 

The concept of metaphase is very interesting as it means you can digitally invest in your plot and design it in your way. 

You will be surprised to know that the hefty plot was sold for $5 million. There are also rumors that soon architecture will be done in the virtual world. The investment in the virtual world is very profitable as the digital copy can not be destroyed and it is a permanent record.



Disclaimer
All writer's opinions in this Blog are their own and do not constitute financial advice in any way whatsoever. Nothing published by AcreageWay in their blogs and website constitutes an investment recommendation, nor should any data or content published by AcreageWay blogs be relied upon for any investment activities.

AcreageWay strongly recommends that you perform your own independent research and/or speak with a qualified investment professional before making financial decisions.



 




Published by AcreageWay May 10, 2022