Wed. Sep 27th, 2023

Non-fungible tokens (NFTs) for real-world applications are most likely to be used by the real estate sector initially. Ali Sajwani, General Manager Of Operations at UAE-based DAMAC Properties, launched an online poll to gather this information.

With 4,225 replies from Arabic and English-speaking Twitter users, 30 percent of those polled said that the property sector would be the most likely to take use of NFTs in the physical world.

Twitter Poll Property Sector

A total of 26 percent of the vote was cast for sports and entertainment, followed by the automobile and luxury goods industries, which each received 22 and 21 percent of the vote, respectively.

“While I don’t believe the property business is ready to move to the metaverse en masse just yet, I think we are on the cusp of a breakthrough,” Sajwani said in response to the poll results. In my opinion, real estate is the first industry to successfully integrate digital and physical assets on a commercial scale,” I tweeted.

With digital assets in particular, certificates of authentication known as NFTs, which perform a similar role, are commonly employed. It is impossible to exchange an NFT for a comparable token or tokens since they are ‘non-fungible.’

However, the number of applications for NFTs has risen substantially in recent years, from the ownership of digital assets and the protection of artists’ works to real-world activities.

Today, NFTs are most usually associated with virtual art and collectibles, but Sajwani points out that “digital tokens have been employed in tandem with tangible assets” in a number of cases already. TechCrunch founder Michael Arrington sold his condominium in Kiev as part of the world’s first NFT property auction.”

As a property market benefit, these tokens are capable of being used in conjunction with Real Estate Regulatory Authority (RERA) documents as well as the automatic collection of levies such 4% Dubai Land Department (DLD) fees, for the automatic collection of levies “”As an illustration,”

While traditional property deeds and methods will continue to be used for a long time to come, I believe blockchain-enabled technology, such as NFTs, is the future of our sector,” he said.

By Adam

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