——Real estate is a representative real asset and is popular in both real demand and investment. DX using NFT has been a trend in recent years, but what are its benefits?
As you know, DX has been accelerating in all fields in recent years. There are a wide variety of methods and methods, such as introducing systems and going online, to improve business operations and increase efficiency, and the use of blockchain technology is one of them. In particular, cases of combinations with real estate are increasing.
For example, Zofuku Co., Ltd. (Shibuya-ku, Tokyo) operates a real estate brokerage business, as well as operates blockchain centers and sells and manages mining machines. In 2021, we will begin signing real estate brokerage services for crypto asset payments and lease contracts for stable coin payments.
The advantage is that even people living overseas can buy and sell real estate in Japan.
On the other hand, in lease contracts that pay for crypto assets, security deposits and rent are paid in dollar-denominated stable coins, USDT, etc.
Borrowers can send money 24 hours a day, the transfer fees are lower than banks, and the benefits are that payments can be confirmed on the blockchain at any time.
There are also cases where NFTs are used. NFT is a blockchain that is difficult to counterfeit or tamper with, giving digital data a unique value, and as the name suggests, its biggest feature is that it cannot be replaced.
It has been used in fields such as art, but it is now also being used in real estate investment. By converting land and properties into NFTs, you can aim for capital gains like you would with real real estate, or earn rent by renting them out to other users.
In the Metaverse, it is already possible to buy, sell, and rent land in the game, and there are even cases of real-life houses being sold as NFTs.
However, there is little information about real estate NFTs, and the legal framework has not kept pace. At the very least, real estate within the Metaverse is poorly recognized and there are not many users worldwide.
As the legal system is still immature, there is a possibility that one day it will be suddenly regulated and you will not be able to buy or sell the real estate you own. Above all, there are concerns about who will bear the effort and cost of turning real real estate into NFTs, and how well senior citizens, many of whom own real estate, will be able to understand this kind of system.
However, the real estate industry is still an analog world, and although it has become possible to conduct sales and brokerage contracts online in recent years, paper-based transactions still remain. It is difficult to check and travel when trading land far from your residence, and even more so when you are overseas.
DX is an issue for the entire industry, but as fraud and troubles are also noticeable, there is an urgent need to establish highly secure transaction methods using blockchain technology.
Particularly in Japan, as the population declines, there are calls for ways to utilize land, including vacant houses, and the use of NFTs is effective from the perspective of ensuring liquidity and security. Future developments are expected.
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