Cryptocurrency and the blockchain technology is here to advance the way our world conducts are day to day business transactions. Virtual real estate has proven itself to one day surpass physical real estate value wise. Until this happens physical real estate including commercial real estate will utilize NFTs to bridge physical and virtual estate mapped to the real world.
So before we dive to deep in the crypto rabbit hole let’s discuss what exactly are NFTs? They are unique non-fungible tokens issued on the blockchain that represent something that’s a one of one. They’re currently used mostly to sell digital products such as art or music, certifying ownership of the product with a unique, unforgeable signature. But NFTs are evolving beyond art to represent ownership of physical items in the real world, making them an excellent option for renting and eventually buying and selling real estate properties.
“Every physical asset in the world will be tokenized as an NFT digital asset. 1/4 homes are currently underwater mortgage wise and tokenize debt free homes as NFT’s is the only solution for the real estate industry.” According to virtual real estate expert Hahz Terry
I’ve been speaking about virtual real estate since NFT.NYC and i’ve created the first virtual real estate marketplace called LUVNFT.com to usher in this new use case for NFT’s. Virtual real estate is our opportunity to fix this broken outdated method of obtaining a residence and a opportunity to create a solution for this rental crisis.
Why Use NFTs For Real Estate?
One of the downsides of investing in real estate involves the outdated process of dealing with middleman that make it unnecessarily hard to hassle of transfer property ownership. It currently takes a tremendous amount of paperwork, people and fees to buy a property or open an equity line. With an NFT, the transaction process is streamlined, allowing a buyer to assume ownership of a piece of real estate within minutes with peer-to-peer technology.
However, by using blockchain and NFT technology, you can achieve higher levels of security and data integrity than a traditional way of acquiring a piece of property. This protects both buyers and sellers and makes it much easier to transfer physical assets without risk of any problems. Buyers can stake their digital assets or borrow against the NFT using decentralized finance (DeFi) or traditional finance (TradFi) products on the blockchain, skipping the arduous due diligence required by most big banks when taking out a mortgage.
How Does Renting Commercial Real Estate Work?
In order to rent real estate as an NFT, the first step is to undergo a consultation with a virtual real estate expert. Book a call here.
Upon a consultation LUV NFT can create your customized commercial virtual real estate property smart contract that can used to incentivize a commercial real estate sale or renter. The NFT created represents proof of an owners or renters ownership of the commercial real estate. LUV NFT essentially does all of the heavy lifting along with the education needed to understand how NFTs have changed the way we rent and buy physical assets.
NFT Commercial Real Estate Solutions
Traditional commercial real estate leases are complex and require a lawyer to decipher legal jargon terms. Smart contracts simplify leasing and allow the holder to resell an NFT commercial real estate location at any given time without involving the owner of the commercial real estate property that will earn royalties on all secondary sales in the event of renting or selling.
Preparing For The New Digital Economy Future
So, how can you prepare for the imminent changes to the commercial real estate industry? First, if you have read this article, you are off to a great start. Education about this space is key. Without a fundamental understanding of blockchain technology and NFTs, it will be difficult to understand all of the benefits that the technologies will bring to commercial real estate.
Next? Follow @luvnft and buy an NFT to get in the game. There’s a learning curve when it comes to buying and selling NFTs. The only way to learn is to practice. Familiarizing yourself with the process will pay dividends in the long run.