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NFT in Real Estate space

NFTs in the Traditional Real Estate Industry

Real estate NFT projects are an important aspect of metaverse development, as they allow for the creation of virtual real estate markets within immersive, digital worlds. Most of the blockchain developers are interested in exploring the potential for using fractional ownership real estate NFTs to enable more people to invest in and benefit from property ownership, while also utilizing the transparency and security of the blockchain. Real estate companies are increasingly utilizing custom blockchain solutions to streamline property ownership records and nft marketplace development services to digitize and sell unique assets such as luxury properties and rare collectibles.

We are transforming the way we think about asset ownership in both the physical and digital worlds thanks to non-fungible tokens (NFTs). In industries including art, gaming, and entertainment, NFTs— individual digital tokens maintained on a blockchain ledger that reflect ownership of an item, whether real or virtual—have grown significantly in popularity as a way to establish authenticity and transfer different rights. As a result, businesspeople are looking for new industries to disrupt while exploiting the benefits that NFTs and blockchain in general have to offer. Many people have been paying attention to the traditional real estate market as well as the virtual land in the developing Metaverse.

  • The top ten virtual world platforms have sold land worth $1.9 billion.
  • $5 million was the highest Metaverse land sale price, and it took place in the little-known virtual environment TCG World.
  • The 10 largest metaverses have 622,436 total land parcels.

Volume of Metaverse Sales

  • Real Estate Costs in the Metaverse (Mid- 2022 Update)
    1. In February 2022, the average cost of land was $16,300; by June 2022, it had dropped to $3,300, a decline of almost 80%.
  • Volume of Annual Metaverse Sales (Mid-2022 Update)
    1. Trading volume peaked at $229 million in November 2021 and dropped 97% to $8 million in June 2022.
    2. From 16,000 in November to 2,000 in June, total sales decreased by 88%.
  • Metaverse Sales Volume Over Time
    The ten largest virtual world platforms have generated real estate sales worth $1.9 billion since their start. With a CAGR of 61.74%, the digital real estate industry is anticipated to grow by $5.37 billion between 2022 and 2026, albeit the recent slowdown should temper expectations.
  • 10 Biggest Deals in Metaverse Real Estate
    The largest metaverse real estate deal is Curzio Research's $5 million acquisition of 19 commercial assets in TCG World. The agreement was made public on May 22, 2022. The total value of the top ten virtual property transactions is $20.6 million. In Decentraland, 7 of the top 10 real estate transactions took place.
  • How much land is there in the metaverse?
    The ten largest virtual worlds have a total of nearly 622,000 land plots. There are 220 Genesis plots in Axie Infinity's collection. There are three different Metroverse games: Metroverse Mini Blocks (50K), Metroverse Genesis (10K), and Metroverse Blackout (10k).

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Source : Dune.com, Technavio

Virtual Real Estate Sales Volume for Top 10 Metaverse

Source : Dune.com, Technavio

Source : Dune.com, Technavio

The Biggest Virtual Real Estate Deals

Source : The Sun

Total Metaverse Land Plots

Source : NFT Stats

Breakout of Allocated Metaverse Property in the Biggest Virtual Worlds

Source : NFT Stats

Real Property Ownership

Real-world property ownership can be represented with NFTs. At the moment, deeds perform this job, and buyers use title insurance firms, escrow holders, and lawyers to authenticate deeds and look for encumbrances in public title records. Blockchains' ability to more quickly settle transactions, detect title encumbrances, and verify ownership makes NFTs a potential option to avoid trusted intermediaries.

TechCrunch founder Michael Arrington listed his residence in Kiev, Ukraine, as a real estate-backed NFT in May 2021 with the aid of Propy, a technology startup working in this sector. Propy hailed this accomplishment as "the world's first real estate NFT" when the property sold for almost $93,000. Propy sold a different property in Hyde Park, Tampa, as an NFT on April 12, 2022, for $215,000.

Since county property registration offices and established regulations do not recognize ownership transfers made using NFTs, instances like these are likely to remain uncommon in the United States for some time. It is expected that the conventional real estate sector and its established players will take some time to accept this new technology

Fractionalized Investments and Loyalty Programs

Through fractional ownerships, NFTs can also significantly boost the real estate market's capital efficiency, making real estate investment much more convenient and available to regular investors. Similar to DeFi financing, real estate development money can be raised through a DAO, which can be run by the development team and community investors. Investors can put money into several real estate project pools, each of which will receive a special NFT token once construction begins on it. The NFT token can then be fractionalized by NFT DeFi vaults into ERC-20 tokens and given to investors. Comparatively to traditional real estate funds, this may make real estate investments accessible to the typical investor in just a few clicks.

Last but not least, fractionalizing real estate NFTs could assist current homeowners in selling or borrowing against a portion of their home (or the rent generated from it) and could facilitate shared homeownership for young adults. NFTs and DeFi have the potential to totally transform the real estate industry through countless financial innovation combinations.

Since real estate ventures need a lot of resources, some businesspeople have used NFTs and digital tokens to raise money for their endeavors. Through the sale of "Aspen Coins" tokens, the St. Regis Aspen Resort sold an 18.9% ownership part in the hotel in 2018. Coins could be purchased by investors using US dollars, bitcoin, or ether. A real estate investment business called Omni-Psi raises money from investors by issuing ORT tokens to pay for properties. Ongoing pro rata distribution of revenue to token holders. A technology startup called Lofty AI has developed an online market where anyone may pay as little as $50 to purchase a digital token that is equal to a stake in a single rental property company. A Delaware limited liability company's ownership stake is represented by each token. In order to generate interest in their real estate offerings, other platforms deploy art NFTs.

An Indonesian boutique developer named OXO Living offered NFTs for sale that "represented" the actual residences they were offering for sale in Bali. The NFT that was connected to a residence had a right of first refusal for the home's owner. Anybody with a crypto wallet could submit a bid for an NFT. On a lesser scale, homeowners in need of liquidity can create equity from their properties by issuing tokens that reflect fractional ownership interests through platforms like Vesta Equity.

This technology is also used in loyalty programs. Three winners of a lottery run by Marriott Bonvoy, the hotel chain's rewards program, received NFTs at Art Basel in Miami. Additionally, each winner received 200,000 loyalty points. During the premiere of the newest Spider-Man film No Way Home, AMC Theatres gave away about 86,000 NFTs to chosen loyalty members.

Real Estate as "Hyperliquid" NFTs

One of the most logical use cases for NFTs is real estate, both in the real world and online. The distinctiveness and exclusivity of land are two important factors that contribute to its value as real estate. Real estate has a built-in advantage in terms of location, which drives up its speculative value. Want a beautiful view? It is present in a very modest number of residential properties. Real estate can be viewed in this way as "naturally existing NFTs" protected by geolocational coordinates, which perfectly aligns with digital NFTs.

Low market velocity and capital efficiency, however, are two issues that traditional real estate also has to deal with. This is a result of the lengthy and complicated real estate transaction procedure, which can frequently take months or even years for each deal. By using a blockchain to automate labor-intensive administrative procedures and middleman processes, like title searches and lawyer certifications, NFTs provide the ideal solution to this liquidity issue. Additionally, NFTs speed up and simplify the process of borrowing against real estate by streamlining complicated lending procedures on a dedicated blockchain with rates that are computed automatically.

Real Estate NFTs as "Hypersecure"

Real estate, in contrast to the majority of tangible assets, is challenging, if not impossible, to move or hold. This means that without using advanced techniques, it is difficult to sell the ownership rights of a physical real estate as an NFT and subsequently retain the actual physical property. On the other hand, it is entirely conceivable to sell the NFT of a physical artwork while continuing to refuse to either destroy or give the new owner the physical copy. In most situations, "NFTization" of physical items requires either the destruction of the original copy or the permanent imprinting of a digital certificate onto the physical copy in a way that makes it hard to remove without seriously harming the item.

Physical real estate, however, is exempt from the problems associated with digitizing physical collectibles. This is made possible by the simple enforcement of real estate property rights as well as the fact that actual land is easily verifiably nonfungible because it is represented by geographical coordinates. For instance, a phone or backup hardware wallet containing an ownership NFT can be used to control the keys, locks, and alarm systems of homes (s). By giving the owner complete control over the home's security systems and IoT (Internet of Things) networks, the average burglar will find it considerably harder to break in without making a commotion. Securing physical real estate with NFTs raises the bar for burglars to 10 years of expertise and a Ph.D. in computer science, which expands the potential attack vectors in cybersecurity.

The value of digital real estate in the NFT metaverse is increased. Digital real estate has substantially higher capital efficiency, market velocity, and traffic capacity with expandable bandwidth because to the intrinsic benefits of digitalization. Imagine having five million visitors to your digital museum at once; if that were to occur in a physical museum, guests would need to be shrunk down to the size of a mouse to fit in. In the NFT metaverse, it is also much simpler to enforce property rights since, to use an old adage, "not your keys, not your money." There are no actual doors, locks, or alarms with NFT metaverse real estate, therefore you are not required to take care of your own security or hire a security company. Your security is essentially the consensus and incentives supporting the ecosystem because the metaverse blockchain serves as the security foundation for your property. A robust platform would encourage all users to consistently maintain and enhance its security by aligning the interests of its users. NFT metaverse real estate communities are thus the pinnacle of "neighborhood watch" because of this.

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Market capitalization in real estate

The capitalization of real estate, whether residential and commercial, keeps rising throughout time. The market capitalization was only $65 million in June 2021, but by May 2022 it had increased to $194 million. Over $16.4 billion worth of security tokens have a combined market cap, with real estate making up roughly 1.2% of that total. Even though it may appear little right now, this is the area for security tokens that is developing the fastest and needs to be actively watched.

Source : NFT Stats

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