This platform transforms advanced real estate into NFTs

Buying real estate is a complicated process that involves a lot of legal work – but now non-fungible tokens are bringing these transactions into the 21st century.

A partnership between Mattereum and property consultancy West London City Lets now means a prime beachfront property on England’s south coast is available as an NFT issued by West London City Lets subsidiary Tokenized Properties.

The plot is located in Milford-on-Sea, and the minimum bids for NFT on OpenSea start at 1.25 million USDC.

So how does it work? Well, this NFT has been linked to a Mattereum Asset Passport, which proves the value of physical objects. It consists of a series of signed legal declarations – as well as land registry documents and a detailed description of the land.

Mattereum and West London City Lets believe this approach can revolutionize property deals in the UK and 170 countries around the world – increasing efficiency and transparency in the property market, while streamlining transactions. Through non-fungible tokens, homes can be resold to others without both parties having to go through difficult legal checks again. The real estate NFTs can also be integrated into the DeFi ecosystem for collateralized lending.

Tokenizing assets in the real world

While Mattereum is championing real estate as a potential use case for its protocol, the platform is also targeting other high-value assets in the so-called “Million Dollar Quartet.” Through its B2B platform, everything from gold and antiques to musical instruments and investment-grade wines can be tokenized – and this technology is offered to other startups in the crypto space.

Executives have stressed that any asset class can benefit from its approach, meaning it is possible to bring any real-world object onto the blockchain using the protocol.

Mattereum founder Vinay Gupta told Cointelegraph: “On-chain real estate is the holy grail of real-world assets. This is not only because it is the world’s largest asset class. It is also because buying and selling real estate using existing systems can take four months and costs 4%. Mattereum has brought that purchase process down to a quick KYC check and an NFT purchase. There are over a trillion dollars of real estate transactions a year waiting to be streamlined.”

Cut red tape

The Milford-on-Sea land offered through OpenSea has commercial development potential.

Idris Anjary, of West London City Lets, said: “We’re delighted to be working with Mattereum on this first-of-its-kind property project. It’s going to be a game changer in the built environment industry and open up countless business opportunities for people looking to buy and sell property.”

Overall, Mattereum’s Vinay Gupta is convinced that this ground-breaking approach can “unleash a lot of dormant potential in the sector” – and through this first-of-its-kind transaction, both businesses hope to show the world what’s possible.