“NFTs can be used to buy a building, the air rights, and the virtual rights of any physical space. The future is awesome!” said Tim Draper, one of the world’s most famous venture capitalists and an investor in the blockchain-based real estate company, Propy.
Proving the prophecy right, there have been several developments for “virtual” real estate NFT sales like the “Mars House” that sold for USD 500K and “Superworld,” an AR-based mirror world real estate game. It did not take long before the capabilities of NFTs bled into the physical real estate NFT marketplace.
Let’s discuss more on real estate tokens!
What Is A Real Estate NFT?
NFTs in real estate are digital tokens that prove ownership of a property. Like the popular digital art NFTs, these are unique tokens issued on a blockchain, and the underlying asset is virtual or physical real estate. Since the NFTs are very useful in proving ownership with their property of uniqueness, they serve the purpose of unforgeable signature in the real estate industry. This makes them an excellent option for buying and selling real estate properties.
Building A Complete Real Estate NFT Marketplace
Using a real estate NFT marketplace, customers must be able to browse, buy and sell NFTs. Meanwhile, the admins of the platform must manage the marketplace operation. So the basic marketplace architecture for these NFTs can be split into a Customer module and an Admin module.
Registration: Sign up and log in
The users should have convenient options to register and signup through various means. Multiple options to reveal the identity of customers, such as through emails or social media accounts, can be provided.
Purchase real estate NFT assets
A dynamic option to search for assets with enough filters and sorting for customized search will make it easier for customers to decide. An analytics system that helps price comparison and provides market updates is always appreciated as a great add-on.
Auction
You can also have the auction function for NFTs on your platform. In that case, the platform should have the option to view assets listed, their current bid rate, duration, and the option to place a bid.
Crypto wallet integration
Users must be able to integrate their crypto wallets with the marketplace to buy and sell these NFTs.
Customer support
Users are likely to encounter troubles with the marketplace. Providing customer support throughout the day can increase the credibility and trustworthiness of your platform. You can add access to third-party integrations, a ‘chat with as support agent’ option, and more.
Conclusion
Parallel to physical real estate, the virtual world of the metaverse is also getting into NFTs for property sales. In the future, the miners who help tokenize properties into NFTs can earn royalty fees automatically paid to their digital wallets when the NFTs are transacted. In The future, we can expect these NFTs to be adopted not just by the tech-savvy but also by older customers solely because it is just too convenient.
Thinking of tokenizing your real estate or starting a real estate NFT marketplace? Talk to us!