NMKR to bring real estate into Web3 + 5 use cases
In a move that is set to bring real-life property assets into the Web3 space, NMKR has partnered with London-based NewTek Holdings. This partnership will see NMKR provide blockchain technology for NewTek's real estate projects in Dubai and beyond. With this new development, NMKR continues its commitment to bringing cutting-edge technology to the world of blockchain.
NMKR signs agreement with NewTek
Patrick Tobler, CEO and Founder of NMKR, and Safi Qurashi, Managing Director of NewTek, signed an agreement that will enable NewTek to utilize NMKR's products to tokenize their real-life assets. Patrick said that Safi's expertise would make a key contribution to NMKR's strategy of shifting the NFT market towards real-world and everyday use cases.
5 potential ways how real estate assets can utilize NFTs
#1 Tokenization of real estate assets
Real estate developers can fractionalize ownership and give investors a way to invest in properties without having to purchase them outright. As the value of a property goes up, so does the value of the NFT or the Token that is associated with. This will open up investment opportunities to a pool of potential investors.
#2 Use of NFTs for rental agreements
With NFTs, landlords and tenants can have a secure and transparent way to store and manage their agreements. This could help reduce the chances of misunderstandings or miscommunication.
#3 Issuing of energy performance certificates as NFTs
Having this information accessible as NFTs would help increase efficiency in the real estate industry by making it easier for buyers and renters to see a property's energy performance securely.
#4 NFTs for offering loyalty programs
Developers can offer loyalty rewards such as discounts, freebies, or exclusive access to amenities to buyers or renters. This would help increase interest and help developers market their properties in a new way.
#5 NFTs for accessing tenant credibility data
NFTs can be assigned to recommendation letters of their tenants. This would create a way of storing and accessing credible references written by landlords. No more strange phone calls or awkward emails to get some information if a potential tenant is trustworthy.
The use of NFTs in the real estate industry is still in its early stages but has a lot of potential to revolutionize how we buy, sell, and invest in property. The partnership between NMKR and NewTek to bring actual real-estate properties to Web3 and enable investment via NFTs is a sign of things to come; this will be the first project in Dubai to offer an NFT for a property.
The partnership between NMKR and NewTek is a sign of things to come as more and more businesses realize the potential of NFTs. The real estate industry utilizing NFTs to enter Web3 will be a game-changer as it will bring more trust, transparency, and efficiency to the process.