Despite their volatile nature, Bitcoin and other cryptocurrencies are seen as having the potential to power the digital world. Gone are the days when you needed cash for everything. More flexible and sophisticated digital payments are now available worldwide, making it easier and faster to send money and buy goods. With the popularity of cryptocurrencies, NFTs, and other digital tokens, many companies around the world are gearing up for these virtual assets. Some countries have even legalized cryptocurrencies. Some major brands such as Gucci, Microsoft and Starbucks accept these cryptocurrencies as payment for product purchases, while some companies such as Twitter are working to pay their creators’ salaries in cryptocurrencies. is. But what if you could use these digital currencies to buy your dream home or property?
Cryptocurrencies, NFTs, and other digital assets have a wide reach in the real estate sector. Web3 opens the door to many new digital opportunities and many governments are investigating the real blockchain industry.
Propsoch founder Ashish Acharya said: But are we really ready? Given the high level of uncertainty and limitations surrounding security tokens in India, widespread use of this technology seems far away.
The problem with the widespread adoption of Web3 in the real estate sector is that at present the platform is still very new and complex. That adaptation is the key to moving forward with greater clarity.
MyFundBazaar CEO and Founder Vinit Khandare said: With the surge in business due to the pandemic, Web3 is poised to have a major impact on how real estate is bought and invested across the board. ”
Abhijit Shukla, CEO and Director of Tarality, explains the benefits of blockchain in real estate, turning real estate into tokens so that investors can easily liquidate it on the blockchain using tangible assets. Allows you to create a viable portfolio. It also opens up the world of real estate investing to less wealthy individuals. This is because tokenizing an asset (real estate in this case) allows partial investment.
For example, an individual who may never be able to afford to buy an apartment in investment property for $250,000 can afford to purchase a portion of that amount, giving him or her a portion of that ownership interest and can be exchanged for its ownership. Equivalent proportions of different properties at any time. Shukla emphasized that using one AI platform, multiple investors can buy parts of a turnkey rental property for as little as $50.
Tarality’s CEO also sheds light on the controversies surrounding Bitcoin and other cryptocurrencies that often cause panic among investors and refrain from using these digital tokens.
Shukla said the controversy surrounding Bitcoin and other cryptocurrencies has made some people wary of using them. and find innovative ways to transform financial operations.
Additionally, Shukla found that some fintech companies have addressed the issue of price volatility with interest rates based on the ratio of cryptocurrency value to loan amount, which has fallen below certain percentages such as 65%. announced that it issues margin calls in certain cases. When it drops to 30%, the asset will be liquidated and its value will be stored in USD. It is also important to note that transactions involving cryptocurrencies do not have to be entirely cryptocurrency-based. While some transactions can be done entirely using cryptocurrencies, investors and sellers alike may wish to use or receive cash for part of their payment.
“It’s important to note that government agencies and third parties involved in certain transactions may require cash payments for their services,” Shukla added.
Nonetheless, buying real estate or a home will prove quick and seamless with Non-Fungible Tokens (NFTs).
“NFTs have evolved into such multi-faceted tools that unique technology, including legal frameworks, have been developed to allow NFTs to represent property ownership and purchase records alongside legal documents,” Khandare said. Now you can submit to the blockchain, a painstaking process that used to take weeks can now be completed almost instantly, reducing costs in the process and allowing buyers to We will be able to purchase properties much faster.”
Additionally, DeFi cryptocurrencies, or fiat currencies, are seen emerging as a perfectly intuitive way to buy real estate online.
According to Khandare, a younger generation of potential buyers who grew up online and use the web to market find it completely intuitive to buy real estate online using DeFi, cryptocurrency or fiat currency. I guess. NFTs can be used to obtain mortgages from lending platforms when property ownership is shared. However, when it comes to regulation, investors should be well informed. Regulations are subject to change as this form of investment becomes more popular. Also, legal experts with expertise in blockchain technology should be hired to assist in such transactions.
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