In the modern era, Real estate is one of the best investment solutions, as the value growth of the real estate will be high, and its accessibility is an added advantage. But when it comes to authenticity in real estate, there are still many frauds and scams taking place in most of the areas. But the trendsetter of crypto space, NFT, easily put an end to the issue and made authenticity its biggest advantage. After integrating the NFT and real estate, the evolution of Real estate NFT has begun. This blog will take an extensive tour of the NFT real estate and the real estate marketplace.
NFT
Non-Fungible tokens are both physical and digital assets that can be tokenized with a unique value that makes them unique and different from each other. These NFTs are indivisible, and they can’t be separated. The NFTs will have excellent ownership authenticity.
The NFT will have separate token standards different from the normal token standards used for cryptocurrencies. If an NFT is built on ethereum, the NFT will have the token standard of ERC-721, ERC-1155, or equivalent. The token standards will be responsible for maintaining the non-fungibility and uniqueness of the NFTs.
NFT Real estate
The tokenization of the real estate asset into the Non-Fungible tokens and making them unique is known as the NFT real estate. These NFT real estates can have two types like
- real-world real estate
- virtual real estate.
Physical NFT Real estate asset
Here, the real world real estate assets are being tokenized into Non-Fungible tokens. This NFT will have an address that has complete information about the ownership. And the tokenization concept will need blockchain networks that ensure the security of the NFT real estate.
Virtual NFT Real estate asset
Virtual real estate assets are the asset that is virtually available, these virtual assets will act pretty much the same as physical real estate, but their availability will only be in the virtual world.
- Axie Infinity
- Decentraland
And many other virtual simulations are examples of this Virtual real estate asset. The process of tokenizing this virtual real estate is known as virtual NFT real estate.
NFT marketplace
NFT marketplace is the place where the NFTs are being showcased for the people to interact and make a trade with the NFTs. The NFT marketplaces are associated with the blockchain networks to maintain the decentralized structure and security of the NFT marketplace.
Real Estate NFT marketplace development
The real estate marketplaces are exclusively established to showcase the real estate tokens of both physical and digital assets and allow the users to buy, sell and stake the Real estate NFTs. The development of the real estate needs various elements to be put together, and they are given below,
- Storefront
The NFT real estate marketplace will need an excellent storefront or User interface where the user will end up choosing the desired NFT real estate asset to make a trade with. The NFT real estate marketplace should be more attractive and adaptable, which makes the users come again recursively.
- API integration
The Real estate NFT marketplace should always be ready to be upgraded, as their API integrations possibility will let the owner of the NFT marketplace integrate various Dapps that are essential for the growth of the real estate NFT marketplace. One such essential Dapp integration is the Wallet integration.
- Admin panel
The Admin panel in the NFT marketplace is more essential for the maintenance of the real estate NFT marketplace, it acts as a growth tracker, and at the same time, it will provide privileged access to the owner that comes in hand in various situations.
- Security
Security in the NFT marketplace is an essential one, the structure of the NFT marketplace should be protected very well with security protocols like Anti DDoS, Anti SSL, and many others. This helps in maintaining the solidarity of the Marketplace.
Benefits of NFT real estate marketplace
- Transparency
The real estate NFT marketplace is completely transparent, and since they are built under foss, their workflow can be viewed anytime. Transparency is the major reason for the people to gain trustability over the NFT marketplace.
- Decentralized
NFT real estate marketplaces are completely decentralized, which ensures the privacy and anonymity of the user at the same time. It removes all the middle man in the transaction by integrating the smart contracts in the process of transactions.
- Immutability
Since the NFT real estate marketplace is decentralized, the information in those NFT marketplaces is stored in the distributed servers. And the information is widely encrypted and stored in various servers multiple times for maintaining immutability.
- Multi-platform support
The NFT marketplace will support and run on all major platforms such as Web-based, desktop-based and mobile-based. Irrespective of the devices, the marketplace is compatible with the major operating system existing in the market.
Wrapping Up
NFT real estate marketplace development can be done with high technical expertise in blockchain technology, handling Dapps, and on various other platforms. To efficiently build an NFT real estate marketplace, you will need to find a team of developers or a Real estate NFT marketplace development team who can build an excellent NFT real estate marketplace without any bugs and issues.
