Nonfungible tokens (NFT) have grown in popularity since last year. But that’s not all – the segment has diversified too. From CryptoPunks and Bored Apes to celebrities using their work as NTFS, a wide array of these crypto asset can be found in the market.
And now, a platform is transforming real-world assets into NFTs, which includes prime property on beautiful beachfront.
Purchasing real estate is time-consuming and legal, but nonfungible tokens bring these transactions into the twenty-first century.
A collaboration between Mattereum and the property consultant West London City Lets has resulted in the availability of prime beachfront property on England’s south coast as an NFT issued by West London City Lets subsidiary Tokenized Properties.
The plot of land is located in Milford-on-Sea, and the minimum bids on OpenSea for the NFT begin at 1.25 million USDC.
How Does this platform work?
This NFT, on the other hand, has been linked to a Mattereum Asset Passport, which proves the worth of physical objects. It comprises a series of signed legal statements, Land Registry documents, and a detailed land description.
West London City and Mattereum Let us believe that this approach can revolutionize real estate transactions in the United Kingdom and 170 other countries worldwide, improving efficiency and transparency in the property market while streamlining transactions. Homes can be sold to others using nonfungible tokens without both parties having to undergo arduous legal checks. Property NFTs can also be used for collateralized lending in the DeFi ecosystem.
Real-world assets are being tokenized.
While Mattereum is promoting real estate as a potential use case for its protocol, the platform also focuses on other high-value assets in the so-called “Million Dollar Quartet.” Everything, including gold and antiques to musical instruments and investment-grade wines, can be tokenized via its B2B platform. The technology is being provided to other crypto startups as well.
Executives have emphasized that its approach can benefit any asset class, implying that it is possible to bring all real-world items onto the blockchain using its protocol.
“Real estate on-chain is the holy grail of real-world assets,” Mattereum founder Vinay Gupta told Cointelegraph.
This is because it is the world’s largest asset class. It’s also because using existing systems to buy and sell real estate can take four months and cost 4%. Mattereum has simplified the purchase process to a quick KYC check and an NFT transaction. Every year, over a trillion dollars in real estate transactions go unprocessed.”
The land for sale in Milford-on-Sea through OpenSea has commercial development potential.
West London City Lets’ Idris Anjary stated: “We’re thrilled to be collaborating with Mattereum on this ground-breaking real estate project. It will be a game changer in the built environment industry, opening up countless business opportunities for people looking to buy and sell property.”
Overall, Mattereum’s Vinay Gupta believes that this cutting-edge strategy can “liberate a lot of dormant potential in the sector” — and through this first-of-its-kind transaction, both companies hope to demonstrate what’s possible.