Mattereum and West London City Lets: How This New Approach Could Revolutionize Real Estate Deals

Can you picture yourself being able to purchase real estate as NFT? If you don’t believe it is possible, think twice. Owning a piece of real estate as beautiful as the prime beachfront on England’s south coast is no longer impossible thanks to the emergence of Blockchain technology.

This initiative was made possible through Mattereum and West London City Lets' partnership. Let me explain how this will work if you need help believing this information.

Milford-on-Sea is home to the sought-after beachfront property that will be offered as an NFT, and this NFT has been connected to a Mattereum Asset Passport, which demonstrates the value of tangible goods. It comprises a number of signed legal declarations, Land Registry records, and a thorough description of the property.

Why this Initiative Could Be the Future of Real Estate Deals

This concept, according to Mattereum and West London City Lets, might transform UK real estate transactions. and 170 nations worldwide, improving the property market's efficiency and transparency while expediting transactions.

Nonfungible tokens enable home sales to third parties without the need for lengthy legal checks to be performed again by both parties. For collateralized lending, the property NFTs can also be incorporated into the Defi ecosystem.

According to Mattereum's founder Vinay Gupta, "Buying and selling real estate using existing systems can take four months and cost 4%. Mattereum has brought that purchase process down to a quick KYC check and an NFT purchase. There are over a trillion dollars of real estate transactions a year waiting to be streamlined." Real estate is the world's largest asset class.

Bottom Line

Blockchain technology and cryptocurrency are now used in numerous sectors. Moreover, the ways in which we buy and sell goods are constantly evolving as more and more of our lives shift into the digital world. The real estate market and the NFT market appear to be very distinct from one another at first glance. Though it might still seem far off and weird, work has already started on bridging the chasm between the two realms.

With the development of nonfungible tokens that reflect tangible properties, real estate is experiencing its own movement toward the blockchain. And through this endeavor, we will see how real estate will provide web3 the legitimacy and stability it needs to be taken seriously by the majority and stop being viewed as a fad.

This technology will undoubtedly significantly impact future developments in commercial real estate.