In 2021, we have seen the popularity of Non-fungible tokens have exploded since the investors and crypto enthusiasts find new uses for the underlying blockchain technology. NFTs are now widely used to tokenize everything from tweets to digital art. But it doesn’t end here. Many real estate companies have realized the potential of the NFT to merge with real estate. And the world’s most expensive NFT art comes with a mansion thrown in is the living example of it.
NFT and Its relation with Real estate
NFTs seem to strike a heavy impact in the real estate market. Real estate consists of a chain of ownership, title searches, and transferability which are critically important, particularly in countries where record-keeping is lax. NFT is a technology that provides an immutable, worldwide ledger that seems to be an ideal fit for real estate.
Tokenizing real estate through NFTs is showing a promising outlook, even though much of the infrastructure and legal frameworks are nascent or non-existent. The future of real estate tokenization will go far beyond the ownership transfers via opening up new avenues of innovation for real estate investors.
Why is NFT important for Real Estate?
It may seem a new and usual method but using an NFT to secure real estate ownership can be found quite effective.
In the real world, real estate ownership is usually transferred and represented by simple pieces of paper like deeds and titles. If we look at the basic level, NFT is doing the same thing by taking the agreements and moving them to a digital, worldwide ledger allowing for a more transparent transfer of ownership. And the ownership of the token cannot be changed with the means of the illegal methods, more people are looking forward to this new concept.
For the First Time in the World: Buy an NFT And Get A Mansion for Free
A developer who originated from Britain is planning to build the 11-bed monolith in Surrey, southern England. The house will feature bullet-proof windows, a swimming pool, a cinema theater, and a bowling alley. All this will be set in a 0.5ha plot.
But this is not the only exciting thing here. The main thing for which it has become a hot topic to discuss is this house will come with a non-fungible token. The token will contain the blueprint and virtual version of the property.
The future owner of the Hampton Hall NFT will be allowed to download the house into a virtual world such as Decentraland. The owner can also hang it on a digital picture frame on the walls of the real house.
Specification of the house
The house will be built on land that is owned by the Crown Estate which means you have to lease it. The house is going to be 2,700sq of Cotswold stone and Corinthian-fluted columns. Furthermore, it will feature a 116-meter frontage.
There will be a garage that can hold up to six vehicles. The space is included with an elevator to the basement which will be used to host a car gallery, snooker room, and home cinema.
When will the house be built?
You might get confused on why we are writing in the future tense. The reason behind this is that the house is yet to be built. As a matter of fact, the plot has been on the market ever since March 2020. Moreover, the construction of the house has not started yet. Therefore, the appeal of NFT technology to boost marketing of the property.
Sean Barratt, who is an agent of Fine & Country gave a statement, “While Hampton Hall might be among the first, I believe it certainly won’t be one of the last super-prime properties to be launched as an NFT, as there are several leading agents in the US who are openly working on huge projects,
He has also added that “NFTs are a real trend at the moment. We recently sold a $6.6m house in Surrey, a period property that had been extensively renovated and extended”
Barratt told The Times “The developer asked the buyer whether they would be interested in buying an NFT of the house for 2% of the purchase price of the physical asset. The buyer said yes, very quickly,”
Benefits of owning the house
The house will be built in a convenient place for which it is close to the towns of Esher, Cobham, and Weybridge. This means it will have independent shops, boutiques, and award-winning restaurants, and more importantly, is just 20km from London.
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In the last April of 2021, an NFT fan paid $500,000 for a virtual real estate asset. For his acquisition, the Toronto-based buyer received 3D clips and files During the quarantine, Krista Kim designed the property, called “Mars House,”. This shows that more people are interested in buying real estate using NFTs and the world’s most expensive NFT art comes with a mansion thrown in is just the beginning.