Do you remember that NFT craze a couple of years ago when loads of celebrities like John Terry and Ozzy Osbourne were pushing random digital tokens based on stuff like apes and bats? Even though the hype around these non-fungible tokens has died down in recent times, they could still have a huge role to play in the future. Not the apes and bats, per se, but NFTs could serve more functional roles.
NFTs allow people to own unique digital assets. If the metaverse comes to fruition, for example, people will be able to buy up virtual land and houses in the form of NFTs. Some believe the technology could also have an impact on traditional home ownership in the real world.
What Are NFTs and How Do They Apply to Real Estate?
NFTs are among the latest updates to the growing cryptocurrency market, allowing for digital ownership of pretty much anything. Their main use so far has been in unique artwork, but there’s the potential to span much further and encompass a wide range of things. NFTs are stored on a blockchain, meaning it’s possible to prove ownership and impossible to tamper with them.
The great thing about this technology is that it can be applied to physical assets as well. For example, property deeds don’t necessarily need to be printed on paper anymore. Instead, they could be converted into digital NFTs, meaning ownership can be securely tracked and house sale transactions can be done solely on the blockchain.
Is Selling Your House as an NFT The Future of Property Listings?
The property market has evolved greatly in the internet age, and the days of simply putting a For Sale sign outside your house are long gone. Homeowners can sell a house fast these days using online services, where it’s simply a case of keying in some details and getting a cash offer within minutes. It’s clear estate agents are integrating technology wherever possible, so there’s a chance that NFTs could come into play sooner or later.
In the future, you may be able to mint your property as an NFT and list it on blockchain-based marketplaces. When an NFT sale goes through, it would involve a smart contract with the terms of the agreement written into the code – thus making it infallible. This could be a good method for fractional ownership as well, with homeowners able to mint and sell percentages of their properties.
Owning Land in the Metaverse
While it is obviously of utmost importance to own land in the real world so you have somewhere to physically live, it may also be just as crucial to purchase space inside the metaverse.
That’s if Mark Zuckerberg’s vision comes to fruition, with an expected one billion people in the metaverse by 2030. Land inside the VR world will be sold in the form of NFTs, and there’s a chance that it could appreciate in value in the same way real world properties do.
NFTs have gone quiet in recent times, but they could be back in the mainstream soon. With the real estate market clearly willing to adapt to new tech, there’s a strong chance that they will have a part to play in future property sales.
Image credit: Freepik
