Ellen Britt for CNT #NFT
In our last article, we kicked off our new series on NFT Use Cases. Coming up today, we take a closer look at number one on our list, real estate transactions, both real-world and in the metaverse.
Real estate and NFTs go together like peanut butter and jelly! Anyone who has ever been involved in a real estate transaction, either as a buyer or as a seller, knows first hand the pain of the laborious, tedious, and time-consuming real estate sale and transfer process.
Let Your Fingers Do The Walking!
NFTs could greatly simplify finding out details about a property with just a few clicks on your trackpad or phone. Everything from who owned the property first to modifications will all be at your fingertips.
NFT technology will also be used in real estate to speed up transactions and with a programmable smart contract built-in, these NFT contracts could allow for automatic payments. Best of all, sensitive data like credit card information is protected.
Family Feuds Are Over!
Other real estate uses would be to document proof of ownership (no more feuds between the Hatfields and the McCoys!), provide a seamless transfer of land deeds, and follow changes in the value of the property.
All this, and we haven’t even mentioned the use of NFTs in the virtual world, the metaverse, where we are about to witness an explosion of transactions, as people purchase virtual land, homes, businesses, and other types of property. As we’ve already reported, sales in the metaverse topped an eye-popping $500 million dollars in 2021 and could double this year, according to some investors and analytics firms.
Mint City Places Is Coming Soon!
We are also very excited as we near the launch of Mintified’s metaverse, Mint City Places, so keep your eyes open for more news about that soon!
In our next installment of NFT Use Cases, we’ll be looking at NFT Use Case No. 2: NFTs and the protection of intellectual property and patents.