Fractal Property announced it will create an NFT for every real-world residential property in the United States in 2022. The company develops blockchain solutions for real estate and is launching a service to create NFTs, or non-fungible tokens, for every physical property on the planet, starting with homes in the US.
Home buyers, sellers, renters and their brokers & agents can now claim an NFT from Fractal’s platform at www.fractalprop.com. Once claimed, the NFT can represent any right the claimer has to the real-world property, such as ownership, sales & leasing rights or rights to a nightly rental. Each NFT acts as a custom property listing allowing buyers and sellers around the world to easily find and pay each other, without needing a centralized platform.
Unlike traditional real estate listings that are limited to one marketplace, an NFT listing resides on a public blockchain, accessible to any marketplace that exists now or in the future. Those currently buying and selling a home can use the NFT to complement their existing channels or to enable auctions and payment by cryptocurrency. Those not currently active can use the NFT as a way to gauge interest on their home or sell rights that weren’t possible before.
Fractal’s claiming service eliminates the first hurdle of having to create an NFT for every property. Once the NFT is created, it can last forever, be updated, and stay with the property with every resale, potentially saving anyone from ever having to create a listing for that home again.
Here’s how it works: go to Fractal’s claim page (www.fractalprop.com/claim), type in the property address and decide what the NFT represents. Owners enter how much they would sell the property for. Lessors & renters enter how much they would rent or resell rental rights for. Those interested in buying or renting the property enter how much they are willing to pay. Finally, provide contact information and a cryptocurrency wallet address to claim the NFT. The NFT is then created for the respective rights with the sale price set to the amount entered.
When others search the same property, they will see the existing listing(s) on the property and can freely contact the other party to discuss a transaction. Parties are free to transact through the NFT or using traditional payment methods, making everything about Fractal’s service optional. It serves as an example of how the real estate market can evolve using technology as a complement, not replacement, to existing methods.
Once NFTs have been made for every home in the US, Fractal will be integrating with other platforms, blockchain and real estate organizations, and municipalities to broaden applications. For more information and to discuss collaboration, contact Fractal’s team at firstname.lastname@example.org or visit their website at fractalprop.com.