Non-fungible tokens (NFTs) are poised to make their first real-world appearance in the real estate market in Dubai. Ali Sajwani, General Manager – Operations at Dubai’s DAMAC Properties, found this in an online poll he conducted.
About a third of the 4,225 people who took part in the survey, which included both Arabic and English-speaking Twitter users, said the real estate industry was most likely to benefit from NFTs’ potential physical applications. This was followed by sports and entertainment (26 percent), followed by automotive and luxury goods (22 percent and 21 percent), respectively.
Eeal estate feels the NFT vibes:
“According to Sajwani, “Although I don’t believe the property business is ready to migrate to metaverse en masse just yet, I think we are on the edge of a breakthrough. When it comes to combining digital and physical assets on a commercial scale, my Twitter followers are correct in their assessment.
It is currently utilised in connection with digital assets that NFTs, which fulfil a similar role to traditional certificates of authentication, are employed The ‘non-fungibility’ of NFTs means that no two NFTs may be exchanged for the same value.
Nonetheless, in the previous year, the number of applications for NFTs has increased substantially, ranging from the security of digital assets and the ownership of digital assets, to real-world activities. Today, NFTs are most typically linked to virtual art and collectables, but there are other examples where digital tokens have been deployed in tandem with physical assets,” added Sajwani.
Using these tokens in conjunction with Real Estate Regulatory Authority (RERA) title deeds or for the automatic collection of taxes such as the 4% Dubai Land Department (DLD) fee, for example, has the potential to be beneficial to the property market.”
No matter how long traditional property deeds and methods remain in use, blockchain-enabled technologies like NFTs, such as those utilised in the real estate business in the future have my support.