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Real Estate Industry Set for Change with DeFi and NFTs

Over the past few months, news about NFT-linked physical real estate being sold has permeated our airwaves, and today we’ll look into how NFTs and DeFi are redefining home ownership

The US Real Estate Market: A fractured System
Ask anybody that has tried to purchase a home in the US market about the process, and be prepared to hear horror stories of unnecessary paperwork, discrimination, price gouging, and general unfairness. To say that the US real estate market is far from perfect would be the understatement of 2022.

Admittedly, the entire process of buying or renting a home can take more time than it needs to. Still, one thing that homeowners worldwide complain bitterly about is the swarm of unnecessary middle-people and organizations at every step of the way.

Doing business in the US real estate market is an unpalatable experience for most people. Even seasoned homeowners and renters do not enjoy the process because it seems like every step is optimized to frustrate you as much as possible.

It may interest you to learn that NFT and DeFi homes are now a thing. Although NFT-backed real estate isn’t the silver bullet needed to fix the global real estate market, they’re a step in the right direction in the sense that companies behind such projects are geared towards making their sales as seamless and straightforward as possible.

DeFi Home Equity
There’s no denying that real-estate-based projects on blockchains are gaining popularity worldwide, and one of the companies at the forefront of the real estate DeFi movement is Vesta Equity. On February 15, 2022, Vesta Equity announced the launch of their project, and with them, homes can be fully tokenized, affording homeowners more financial freedom.

Vesta Equity is working towards being the first real estate-backed peer-to-peer marketplace for NFT assets, and investors can now invest in real estate-backed NFTs as securities. Soon, homeowners who fully own their homes can access equity through tokenization, and when you tokenize a home on this platform, you can sell off a piece of said home as a fractionalized NFT.

Real Estate NFTs
Propy is the leading ser

Art Museums Leverage NFT Tech to Bring Masterpieces to the Blockchain.

Four major Italian museums have partnered with a project which sees them showcase and sell NFT reproductions of masterpieces from the likes of Leonardo da Vinci , Caravaggio, Raphael, and Modigliani. The initiative, which leverages the internationally patented DAW technology of tech company Cincello, was initially been debuted by London’s Unit Gallery earlier this month.

The exhibition, dubbed ‘Eternalising Art History: From Da Vinci to Modigliani’ was launched by the London Gallery on February 16th, and will continue until March 19th. The exhibition features digital versions of six famous Italian masterpieces, which, in an effort to mimic their original counterparts as much as possible, are displayed via screens which are surrounded by handmade replicas of the artwork’s original frame. Each of the digital versions of the six paintings (which are being coined as ‘DAWs’) have been certified on the Ethereum blockchain, and can be traded as NFTs.

The Italian museums who are joining the novel fusion of luxury art and blockchain technology are Florence’s Uffizi gallery, Parma’s Complesso Monumentale della Pilotta, and Milan’s Pinacoteca di Brera and Veneranda Biblioteca Ambrosiana.

Each of the works will contain nine NFT editions, all of which will fall in the price range of $114,000- $284,000 a piece. They will come with a signed certificate of authentication from Cincello and the museum in which the art was held. The art’s copyright will still be held by the museum of origin.

The Museums who make a sale will each receive 50% of the net revenue, with such funds expected to help fund their art conservation programs, as well as help counteract any lost revenue incurred from the pandemic. The remaining 50% will be split equally between the museum and Cincello.

‘Eternalising Art History: From Da Vinci to Modigliani’ is the first of three DAW-infused art exhibitions, with more NFT-ified master works expected to be brought to digital-life soon.

source: nftplazas.com