Leading property consultants West London City Lets have partnered with tech firm Mattereum and a team of investors to sell the first piece of land in the UK as a digital asset Non-Fungible Token (NFT). The prime beach-front property on England’s south coast will be for offers over £1.9M in a first of its kind transaction.
While the major rise in ‘proptech’ over the last five years has led to increased investment in new technologies, the notoriously slow-moving and antiquated property industry remains ripe for change. The blockchain and digital assets will usher in a new era of tech-driven transformations led by Mattereum’s innovative legal tools, creating a market that is more efficient and transparent.
The relevant data for the high-value property will be stored securely using the Mattereum Asset Passport and held on an immutable public storage platform. The Mattereum Asset Passport bundles together legal rights and guarantees and is paired with Mattereum’s smart contracts. This will not only enable the required searches, title deed, and reference media for due diligence to be displayed accurately and transparently, but will streamline the purchasing process and increase buyer confidence as to the authenticity and value of the property.
Idris Anjary of West London City Lets said: “We’re excited to be working with Mattereum on this first of its kind real estate project. It’s going to be a game changer in the built environment industry and open up countless business avenues for people wanting to buy and sell property.”
The property has commercial development potential and has already had designs created for an art gallery, multiple artist pods and a high-end cafe. The sale will be enacted via an innovative, first of its kind, transfer mechanism.
Mattereum founder and CEO Vinay Gupta said: “Real estate is the biggest asset class in the world, and one of the most stable, particularly in geographically diverse portfolios. But the transaction costs are extraordinarily high, both in terms of diligence on the buildings and the mechanics of legal transfer of title. Innovation in the space to make buying and selling real estate cheaper and easier is going to liberate a lot of dormant potential in the sector. We’re very happy to be working with West London City Lets to show the world what is possible!”
Photo by Dominik Pearce on Unsplash
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