Non-fungible token (NFT) — A unit of data stored on a digital ledger, called a blockchain, that certifies a digital photo or video–or virtual building–to be unique. Think of a snowflake or original work of art; each one is unique, and therefore non-fungible. A bitcoin, however, can be swapped for another bitcoin, and you still have a bitcoin–they’re interchangeable, and therefore “fungible.”
Cryptocurrency – such as Bitcoin and Dogecoin – is digital money that lives on the blockchain, a virtual ledger system. Real currency, like US dollars and Euros, can be exchanged into cryptocurrency. Each cryptocurrency has a different exchange rate, similar to international currency exchange rates.
Metaverse – Digital universe; virtual space
What do NFTs have to do with real estate?
The commingling of real estate and technology has outlasted the naysayers, with new terminology that includes words such as non-fungible tokens or NFTs.
Existing in the digital universe, NFTs are stored data that represent items, certifies ownership, and the uniqueness of them (see definition above). Imagine real estate auctions, title searches, and real property transactions occurring in that digital universe.
It’s already happening.
“Regardless of where you stand with this NFT real estate craze, one thing is certain: Technology is driving the future of real estate,” writes PropTech content provider Sarah Kim.
The examination of NFTs is one of several futuristic discussions in the virtual, national industry event Real Estate REvive, coming Aug. 5, 2021. This is the 9th year of the conference with speakers who represent the who’s who of the National Association of REALTORS®, real estate technology entrepreneurs, industry forecasters, local associations, and brokerages (click here for speaker list).
Virtual Tours; Design Software
Kim points out the growing preference for virtual tours, for example (triggered by the pandemic), and the way architects use graphic design software to create realistic renderings of new constructions.
“These metaverses [virtual spaces] could give real estate developers and architects real-time insights on which building designs and amenities tenants really want. In a sense, virtual spaces can act as crowdsourced renderings of real estate properties that could eventually exist in the real world.
And without any sign of zoning rules in crypto-spaces (yet), consumers’ imaginations roam freely, Kim said, which can spark a wide range of inspiration for real-life real estate.
“This NFT real estate hype might prove to be much more than a fad,” Kim adds. “It could potentially revolutionize real estate for years to come…. As of now, a select few can design their “dream homes” from scratch, but what if these metaverses could make such a dream more accessible and attainable for the masses?”
Real Estate REvive was created as a national meeting ground for local associations, agents, brokerages and others in the industry to visit the leading edge and to hear from those intricately involved in creating the future of real estate. It’s the place to learn what an NFT is, to get a legal update from NARs general counsel, and to hear a debate about pocket listings, because yes—they are still a thing.
The Real Estate REvive Virtual Conference live streams coast to coast on Aug. 5, 2021, from 9 a.m. to 3 p.m. (PT). Presented by RE Events by REALTORS® for REALTORS®, tickets are only $19 for the entire day! Click here to get your ticket now!
Sources: Realestaterevive.com and ButterflyMX