The Future of NFTs in Real Estate!

Описание: NFTs or Non-Fungible Tokens are rising to fame along with the trends in cryptocurrency, and that led me to think about how it could potentially play into real estate in the future. This technology is making life simpler and easier for many industries and it might be able to do that with ours too, but who knows?

Key Talking Points of the Episode

[00:00] Introduction
[00:31] What does NFT mean?
[00:55] NFTs and how they work
[01:50] How will NFTs relate to real estate in the future?
[02:35] NFTs in title transfers and real estate transactions
[04:12] How is NFT going to affect real estate?
[05:15] How will NFTs enter the mortgage space?
[06:33] NFTs in fractional ownership
[08:00] The first property to list in NFTs

Quotables

“If you’ve ever heard about these at all, you’ve probably seen pictures of these goofy little digital images of little cartoon character-looking things with hats and glasses on, and that people are buying these for millions and millions of dollars.”

“NFTs are already creeping into your lives whether you know it or not.”

“You can screenshot that little QR code that they scan and allow you to go to that movie or sporting event - that’s an NFT. That’s 1 of 1, it has a value to it. Once that gets used, you can’t send that QR to 20 buddies so all 20 of those buddies will get into that baseball game too.”

“It is basically, in its simple form, an NFT. It is 1 of 1 and there is value you paid for.”

“The first and probably most common way that NFTs could enter the real estate space would be with transactions or transfer of title of the actual real estate that you own.”

“You wouldn’t have to go through all the craziness of title work and clearing title, you have that NFT - that NFT, that coin, whatever it’s gonna look like.”

“If you agree upon terms and however that’s gonna look for agents in the future, you can sell your house simply by giving somebody access to your coin.”

“There’s a recorded transfer of ownership in the block chain that is as secure as it gets - more secure than any other kind of transaction out there.”

“If you’re looking to buy or sell your house, you’re still going to potentially list it on Zillow or go to Zillow to look for a house or Redfin, but rather than getting a title company involved or a real estate lawyer, you might potentially be able to transfer ownership quickly and easily through an NFT that is tied to your property.”

“It can potentially push out a lot of these extra fees you have to pay. So right now, if you’re selling your house for $200K, you’re gonna have to pay 6% or $12K to do that.”

“When you have a mortgage on your property, the bank owns that mortgage, they own that debt and they charge you an interest on top of that until that debt is paid off.”

“There’s a lot of things that go on in the background that will cost you extra money. A potential simplification of that would be rather than interest, it’s new tokens or NFTs.”

“People could buy shares of tokens that represent that interest, rather than having to be a bank and all of this other craziness and all these government regulations that go along with banks.”

“It’s not super complicated. Just think of it as interest on a house but rather than interest of a house running through banks, it could potentially be ran through NFTs that everybody has access to.”

“You’ve probably heard of Grant Cardone and Cardone Capital or maybe even Roofstock, where you can own portions of a building or an apartment complex. You don’t have to buy the whole building.”

“With technology today, I can buy into Cardone Capital and own a percentage of a fund that owns several apartment complexes. Those apartment complexes produce cash through rent and everything, and I get paid my percentage.”

“221 Dryden St. in Thousand Oaks, CA was the first house listed through NFTs and it did not sell. They tried to sell through NFT but not everybody was comfortable with that. Technology’s not there, I’m sure it wasn’t quite all rounded out, kinda the first move or first shot at it, and it did not sell.”
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