The real and the virtual worlds have coincided now. What is the reason for this? It is because of the stunning growth of crypto collectibles. Importantly, the property industry is also part of this huge revolution. Buyers can purchase houses, plots, villas, and apartments by making bids on blockchain-based marketplaces. Are you that entrepreneur keen on bridging the gap between the physical and the digital? Start Physical Assets NFT marketplace development now.
Analyzing the potential of an NFT for Physical Asset
- Property owners must enter details like the first and last name, email address, location, the market value of the land, and other relevant documents.
- Later, they should choose specific cryptocurrencies like Bitcoin (BTC), Binance Coin (BNB) and Ethereum (ETH) for pricing their real estate.
- What about agents and brokers? They can also register on the NFT marketplace for physical assets. Later, they should undergo KYC/AML verification.
- Further, real estate agents can choose options like streamline offers, processing of peer-to-peer (P2P) transactions in digital currencies, and also for certifying their experience in executing property deals.
- How can interested buyers bid for real estate that is on sale? They can see details like the documents, images and videos of the properties, the amenities, size, and location.
- The bid for the properties opens after the auction begins. Subsequently, investors must make their bids within a certain period. The owner of the land has full freedom in accepting the most lucrative offers.
- Consequently, buyers will transfer the required amount by syncing their digital wallets. What about the terms and conditions (T&C) of the deal? The details are stored in the smart contracts. This prevents issues during bidding, making of normal and public offers, registration of property, and processing of transactions.
Do you want to digitize the global real estate industry? Create an NFT for Physical Assets by contacting a white-label solution provider soon.