Believe it or not but yes that’s absolutely true. An actual house is now an NFT. The house is basically a duplex in California, from where we can see the beautiful view of the San Gabriel Mountains. Created by Artist Kii Arens, he recorded a short video of the house that depicts the driveway view of an unremarkable suburban home. It has a beautiful magical view of the mountains, while the sky gets filled up with flying saucers with techno music playing in the background.
The NFT is basically a video of the house, however, the reason why we can say that the house itself is an NFT is because the one who purchases the NFT also gets the house. This is what makes the NFT really a unique one.
The mastermind behind the NFT is a guy named Shane Dulgeroff, who is a real estate broker in California. He used to buy and renovate duplex houses as a way to invest in real estate and hopefully make money out of it. However, when he saw the hype of NFT and how NFT’s were selling like hot cakes, he ditched all the plans of listing his properties in the Real Estate Market and instead he create an NFT that rewards a collector with a full duplex property, if he purchases the NFT.
“It’s less about the significance of the art as it is the significance of us using a platform like this to sell a home,” “The significance that the art will carry, it’s going to be stored in your digital wallet forever as living proof that you purchased the first home ever that was done through any kind of a crypto platform directly. So that’s where the real value is.”says Dulgeroff.
Dulgeroff is a 27- year old who working towards building trust with his buyers and customer. As he also passed his Real Estate Broker’s test. He is also a licensed Real Estate Broker for more than seven years. He did all of this to ensure that the buyers would trust him and that he is not just a random dude on the internet trying to sell NFT’s with a reward of a house. “I am a verifiable source to buy a home from,” he says. “I’m not like a random guy putting a home up as an NFT for sale.”
Yes, you are right, the idea of rewarding a person with an entire house doesn’t make sense. In fact, it does feel really casual. But one has to remember that NFT’s is a very new concept and the fact that most of the NFT’s are related to selling and trading digital goods and assets. The idea of selling physical goods have not yet been developed in the NFT world. But what Dulgeroff did is a great way to include physical things into the NFT sphere.
As many artists like Beeple are pretty much doing a similar thing like providing and delivering a physical copy or Canvas of the his paintings to the collectors.
NFT’s are non-fungible meaning they cannot be duplicated, replicated or replaced and this is the reason why it has brought such a big change in the art industry. Because NFT’s allow those artists and their paintings to be unique and more importantly rare. This was possible because NFT’s are able to hold additional data or information that are stored in the blockchain. These data include information about ownerships, history of ownership, and even the prices that the NFT assets were sold for. Because of this, there is no way to create a replica of the same NFT.
According to Dulgeroff, the value of the artwork and the home together is approx over $1 Million Dollars and the value is definitely going to rise once someone acquires it as we know, the Real Estate Market grows.
However, one of the problems that Dulgeroff faces is legal concerns from California Department of Real Estate because NFT’s and the Real Estate Market, both are completely different sectors. However, he hopes to make sure that the paper works are properly taken care of and the fact that, the buyer who is interested in his NFT’s should also consider having an interest in the house itself. He should be aware that, he is actually making a Real Estate Investment.
“This is a learning process as we’re going,” Dulgeroff says. However, Dulgeroff says that this could be the beginning, an experiment or the starting line of the development of Crypto-Based Real Estate Platforms. And if it works, it could really simplify the purchasing process for both buyers and sellers.