Lofstock Onchain sold a flat for $175,000 with NFT material inspection.
Onchain, a world-renowned property selling corporation, sold its flat with 3 bedrooms for $175,000. The ownership is confirmed with the NFT technology. When the payment is made, the buyer will receive the NFT coin in their personal cryptocurrency wallet as evidence of possession instead of physically signing the contract.
The advantages of NFT purchasing system
This NFT purchasing system is used almost everywhere and is recognized as a risk-free and reliable payment method for many types of payments. Distributed token system has changed the way real estate works. Instead of having to prove ownership of the apartment, clients can use the NFT to pay agents and get it as evidence of possession.
In addition, these deals are validated on a computer network, so that payments can be completed extremely fast. Rather than waiting for feedback on offers from buyers all the time and for appropriate time to make a transaction, the initiatives can be made at any time and in any place.
The time to fully develop is still needed
The technological revolution has completely changed the industry, but it needs some time to fully evolve and become applicable. Once fully implemented in the real estate sector, blockchain technology could extend far beyond the financial sector. One of the biggest challenges facing the industry today is determining how best to deploy technology.
The change in real estate industry
Many real estate companies that use NFTs for trading have their own app to make purchases even clearer and faster. When customers purchase with the help of such apps, they immediately get crypto-coins at their address after the deal is completed.
You can purchase anything as the deal is made in seconds without the need to wait for the documents to be signed and then to be approved by the bank or governmental regulation system. In general, this innovative system is helping both the seller and the customer. It is fast, safe and recommended by many financial companies. But still, it is not available everywhere. The technology need time to fully develop and become used on a daily basis.
Tokenhell produces content exposure for over 5,000 crypto companies and you can be one of them too! Contact at info@tokenhell.com if you have any questions. Cryptocurrencies are highly volatile, conduct your own research before making any investment decisions. Some of the posts on this website are guest posts or paid posts that are not written by Tokenhell authors (namely Crypto Cable , Sponsored Articles and Press Release content) and the views expressed in these types of posts do not reflect the views of this website. Tokenhell is not responsible for the content, accuracy, quality, advertising, products or any other content or banners (ad space) posted on the site. Read full terms and conditions / disclaimer.
