The industry is moving in so many directions.
A house in Gulfport, FL is being turned into an NFT. It will be auctioned off on Fed 8th. This is the first residence in the US to have this take place. Of course, there are regulatory issues such as title transfer that has to take place.
In this video I discuss how this is a proof of concept and how we are going to see things more forward from here. This might be the first but will not be the last.
Here is the article mentioned in the video:
https://beincrypto.com/florida-home-to-be-sold-as-nft/
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I am really impressive because this actually is a progress to move it forward and more are still yet to come to push crypto in a positive state
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It is am impressive step forward, I will state that. However, it does not replace what is commonly done in terms of ownership transfer.
This is a move that will be built upon. I am not sure how this will unfold over the next couple years but we need to see it keep moving ahead.
Projects like this are great for the industry.
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I think the concept is nice but I am not sure if there would really be fractional profits every time the house is sold will work out. After all, I recall hearing a lot of the commercial mortgages in New Year are held by a bunch of owners and it causes huge problems when even trying to lower the price of rent because it would lower the value of the property.
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Depends upon the structure of the deal.
In a typical General Partnership agreement, the GP makes all the decisions and handles the day to day activity. The Limited Partners simply receive payouts.
That concept could easily be tokenized. Those owning the tokens, even if coin based voting, would have little say unless they owned a large piece of the pie.
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this should be interesting, it is always good to see alternatives in the financial market.
As of now it isnt really an alternative since it is just an adjunct. The traditional transfer of ownership is required.
That said, it can open the doors for a bit more going forward. We will see how things proceed but I would guess there are going to be a lot of platforms looking at something similar to this. Real estate is huge and having homes that are represented by NFTs could be a major shift.
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In addition to the crypto article, here is another one in the local paper.
This is good news as it is putting the idea of cryptocurrency in front of the average person.
It is helping to show use case for cryptocurrency and not the bullcrap FUD that is spread by the financial media.
https://www.tampabay.com/news/real-estate/2022/02/04/this-tampa-bay-home-is-being-sold-as-an-nft/
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I know there are a lot of kinks to iron out, but I personally think this may become one of the best uses for NFT's (property ownership and transfer).
Unfortunately the kinks are significant since they require getting governments onboard (or out of the picture completely--not to be done easily). For any ownership not regulated by government, it would be a cinch.
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