NFT popped into the eyes of the public in March 2021 with the $69 million Beeple NFT sales. Since then we have experienced a surge in the increase of NFT popularity.
Currently, lots of people think NFTs are solely for artists, musicians, photographers, and the like. This is partly caused by the huge sales of crypto punks, an art that is considered by many as unnecessary. As expected, the sale of crypto punks brought with it lots of imitations from different creators who are trying to benefit from the NFT space.
This huge increase in the imitation of perceived needless art has flooded most NFT marketplaces. Sadly, this will go on for a long time as NFT offers artists an opportunity to own and benefit from the residual sale of their works. But, NFT is not limited to just art. This innovative technology has come to disrupt a lot of things as we know it. This article is crafted to educate readers on the real-life uses of NFTs.
One very important thing we should know is that the concept of NFTs has made the tokenizing of real-life properties a lot more feasible. The most popular real-life use case in NFT is Real Estate. A lot of real estates agents are keying into this new phenomenon. At the time of this writing, a house on Gulfport is going to be sold today on the blockchain, and rights of ownership will be transferred to the buyer. This house is going through a bid at the auction by the owner Leslie Alessandra. When this deal pulls through, it will be the first house sold on the blockchain in the United States of America.
There is no question of the real-life use case of NFT. The main question is, what are the opportunities? Apart from the ease and the complete cut-off of unnecessary intermediaries in the sale of real estate sold on the blockchain, NFT also offers another unique feature in addition to what it already provides in real estate.
In traditional real estate, there is no such thing as two people owning a house. You can either buy the real estate with your asset or you pay by a mortgage (little by little). NFT, however, has offered a feature of fractioning. That means, more than one person can own a home. You should know that the concept of NFT is such that the drawing or portrait of the property being put up for sale would be minted on the blockchain with its metadata (unique details).
This allows separate parts of the same apartment to be minted and sold differently. Take, for instance, a property with the main building, boys’ quarters, and a separate car garage building. All of these parts of the same property can be sold independently through NFT.