Whether it is the million-dollar NFT art auctions or marketing gimmicks of popular fast-food chains, you can find NFTs everywhere. Non-fungible tokens or NFTs have been in the daily news and the NFT real estate interplay has been grabbing attention from various circles, particularly for the value benefits from NFTs.

With the help of traceability on the blockchain, it is easier to track and sell NFTs in public. If you want to understand how “Can NFT be used in real estate?” you need to understand NFTs first. As of now, the primary applications of NFTs rest in the field of selling digital music or art. Non-fungible tokens can help in the certification of product ownership with a unique, immutable signature. The distinctive highlight of an NFT refers to the allocation of sole ownership of digital assets through blockchain technology.

As a result, NFTs can serve as an ideal instrument for enabling the sale and purchase of real estate properties. However, the real estate NFT connection paints a completely different picture of NFT capabilities. Now, non-fungible tokens are slowly emerging as vital tools for representing ownership of physical items on blockchain networks.

Minting real estate as a NFT provides numerous benefits, such as instantaneous settlement, and a simplified transaction process. Actually, a real estate property is the perfect candidate for a NFT since it already behaves like a digital asset in many ways.

There have been some first movers experimenting with real estate NFTs like :

Michael Arrington, who minted an apartment as an NFT through the real estate platform Propy. Considered the first real estate NFT in the world, it sold for more than $93,000.

Prometheus, which completed the sale of two luxury homes in Portugal through cryptocurrency. The firm ensured the availability of ownership through NFTs.

BocasDAO is working in a very similar direction, connecting NFTs with real-world assets. It is our aim to transfer “old school” accommodation rights formerly known as timeshare models into the transparent world of blockchain. BocasDAO allows a FIAT less way of enjoying your annual vacation or even changing residency to Panama, all via NFT.

In the future NFT, DeFi, crypto title insurance protocols, and crypto appraisal solutions will create a full cycle for the new age of liquid real estate. Once real estate NFTs will become popular, the NFTs will become collateral in the crypto world which unlocks crypto-enabled mortgages, where crypto holders will be able to participate in liquidity pools to secure peer-to-peer decentralized lending marketplaces for real estate, similar to the current popular DeFi lending protocols for cryptocurrencies.

Always wanted to be a first mover? Welcome to BocasDAO