Crypto service provider Ripple has announced plans to create and distribute property ownership NFTs in collaboration with ProperHome, a blockchain-enabled real estate marketplace, to provide a revolutionary way to buy, sell, and rent real estate in Portugal.
Ripple announced the two companies’ collaboration earlier this month, while ProprHome explained significant changes to its business model. Prior to the collaboration, ProprHome announced its intention to change the way people trade and rent homes in Portugal.
Ripple noted in its November 22 blog post that ProprHome will use the XPR Ledger to create and distribute NFTs that will represent property ownership in order to simplify the home buying, selling, and renting experience. The company is leveraging XRPL’s speed and reliability to increase trust and efficiency in the Portuguese real estate market.
ProprHome is also launching a comprehensive NFT and real estate literacy programme to aid new users in understanding and maximizing their experience.
In addition, ProprHome will help market participants identify the best ones by introducing a reputation currency that can be earned for good practices and then redeemed or traded for advertising and additional exposure.
Ripple’s announcement also mentioned Leslie Alessandra’s February home sale in Florida for $654,310. That transaction made real estate history by being the first in the United States to be sold as an NFT on a blockchain. The properties that have since been sold as NFTs and paid for in cryptocurrency herald a major shift in the real estate industry.
According to Ripple,
Tokenizing a home as an NFT confers powerful advantages for both businesses and consumers, including clear digital ownership that is irrefutably and permanently embedded on a blockchain for all to see. Interested buyers should be able to quickly and easily view prior owners, tax records, pricing history and any legal disputes involving the property. For real estate agencies and property management companies, an NFT can also be more easily and widely marketed. In the case of Alessandra’s Gulfport home, the auction drew nearly 3,000 bidders.
Despite the SEC case, mainstream interest in Ripple remains high. Bank of America is reportedly waiting for the end of the U.S. Securities and Exchange Commission (SEC) court case against Ripple to join forces with the San Francisco-based payments company.
