NFTs have been making a huge noise in recent two years, especially after the sale of expensive Beeple’s NFTs. In general, NFTs have made an enormous impact on various verticals, including music, art, sports, gaming, entertainment, fashion, real estate, metaverse, and so many to be added to this list. Undeniably, NFTs are emerging to be a great technology for making a positive transformation in the real estate industry.
The NFT real estate marketplace brings more and more opportunities in the NFT real estate industry for newbies to come up with their innovative ideas and transform them into reality.
Before getting into NFT real estate development, know insights into the features, functionalities, and benefits of the NFT trading platform that is based on real estate. Here, you get these deets. Check out this blog!
What Is NFT Real Estate Marketplace Development?
NFT Real Estate Marketplace is a trading platform where buyers and sellers come together to buy and sell (trade) real estate NFTs. Blockchain technology plays a crucial role in the NFT real estate marketplace development. The information of the NFTs is stored on the distributed ledger and the marketplace runs on blockchain technology.
Most probably, Ethereum is the most commonly & widely used technology. What else about other blockchains to opt for? Will it be a wise choice & investment is still a question that arises for entrepreneurs while they go for developing the Real Estate-based NFT marketplace.
Some shortcomings in Ethereum have paved the way for the emergence of new blockchain technologies like Binance Smart Chain, TRON, Avalanche, EOS, Flow, Cardano, Polygon, Polkadot, etc.
Each blockchain has a unique set of attributes that will define its capabilities with a few pros and cons on its own. Could pick any of the blockchains suitable for your business goals.
Features Of An NFT Real Estate Marketplace
- The two-factor authentication gives additional security, ensuring safe & instant login to the Real Estate NFT Marketplace.
- An integrated wallet entitles users to link their wallets to the NFT marketplace and to be funded in order to begin with trading.
- The multiple payment integration gives the convenience to users for choosing the payment options from the available ones. Supporting both fiat currencies and cryptocurrencies will be beneficiary.
- The NFT listing feature will entitle users to list real estate NFTs on the platform for a fixed sale price or an auction.
- The requisite deets have to be specified when listing NFTs. This will include price, seller name, NFT name & description, and other necessary details.
- The alerts & notifications feature plays a vital role, which will notify users regarding the latest listing of real estate NFTs on the platform.
- The smart search filter eases users to look for an NFT from a wide range of NFT collections available. Some of the filters include recently listed, most viewed, latest, etc.
Glimpse Of The Functionality Of The NFT Real Estate Marketplace – In Steps
- First of all, the users have to finish the onboarding process. After that, linking the crypto wallet has to be done, followed by funding it with cryptocurrencies to continue with the trading of real estate NFTs.
- The very next thing is to carry out requisite preparations involving paperwork of the property which needs to be turned into NFTs. Thereafter, a minting process is to be carried out. This will eventually depict NFT has legal data, including paperwork, report, property images/videos, etc.
- The NFT creators will be able to share the tokens and then sell them to buyers. Once done with the tokenization, the NFTs are to be listed on the NFT real estate marketplace, which then will be put for sale.
- The buyers who wish to hold the share of tokens will bid and the individual who wins the bidding will own the NFTs.
- In order to transfer the NFT’s ownership, the smart contract looks for the transfer of NFTs. Then, the NFT will be moved to the buyers’ wallets and the cryptocurrency will be transferred to the sellers’ wallets.
Here’s A List Of Benefits Of The NFT Real Estate Marketplace
- Instant & Swift Payment
- No Intermediaries Or Middlemen
- Easy Transfer Of Real Estate NFTs
- No Chance Of False Acquiring A Land
- Safe & Secured Transactions
To Sum Up,
The NFT Real Estate Marketplace is equipped with core and valid features indicating the typical functionality of trading real estate NFTs, bringing a lot more opportunities for newbies to join the NFT realm. Brace yourself and proceed with NFT Marketplace Development from a firm/agency that excelled in.