Dubbed one of the best-minds in IQI, Adrian Seow is frequently commended for his ability to master technology and utilising it to achieve results. As an engineer graduating from Canada, Adrian took the unconventional route of going into the property line and straying away from his educational roots.
Regardless, he has continuously proven himself despite starting in a field which was foreign to him. Now boasting one of the biggest teams in IQI Eliteone, Adrian continues to impress with and outstanding track record in sales achieved within a very short period.
Sharing his knowledge on the know-hows of what is NFT and how it affects the future of business
What is NFT
NFT stands for Non-Fungible Token. You probably already knew that, right? But we are sure, just like most of the population, you are still unsure about what NFTs are and how you can benefit from them. The main reason behind this is that NFTs are yet to become a mainstream trend, and this is exactly why not many people are considering investing in NFTs.
As property consultants and industry experts, we will try to clear the basic misconceptions and confusion about NFTs further in this article, so stay tuned.
NFT Compared to Other Investments
NFT is the future; just from what we have seen so far, they give tremendous ROI if you buy the right token at the right time. Another good thing about NFTs is that they are blockchain protected, which means NFTs are safe to buy and sell without any third party involvement.
We deal with so many clients confused about where to invest; with options like mutual funds, stocks, bonds, and crypto in their mind, they often ask questions like why should I invest in your property instead of these options? The answer to this, on the other hand, is not that straightforward.
You might have heard of the famous phrase “Don’t put all your eggs in the same basket” the phrase perfectly describes how you should be investing, and that’s sure, NOT-ALL-YOUR-MONEY-ON-ONE-THING.
Most Expensive NFT Ever Sold
The highest recorded NFT ever sold to this date is $69 Million. Crazy, isn’t it? The picture named “Beeple’s collage” is a collage consisting of 5000 pictures into one gigantic image. What makes it worth $69 Million? The billionaire from Singapore who bought this NFT paid this whopping sum of money because of the spirit behind this image and the artist’s commitment. The artist who made this NFT created an image every single day for 14 years and had this collection of 5000 drawings, which were later combined into a collage and sold as an NFT.
This “Beeple’s Collage” and even other NFTs, by the way, are unlike traditional collectable sketches, paintings and drawings. They are stored in the form of digital, blockchain-backed tokens. The general public can access the ownership record of an NFT, as they are witnessed by hundreds of thousands of blockchain computers, who also witness the NFT transactions.
NFTs – Compared to Buying Virtual Goods in Games
We all have spent money at some point in our life buying virtual goods in our favourite video games. Be it DOTA2, Farmville, Minecraft, etc., we absolutely loved buying and collecting the unique clothing, characters, armour and other collectables offered by those games.
Buying NFTs is quite similar to buying these virtual goods in games. These goods are stored in games’ databases and can be accessed when you log in to your game profile. For instance, you just bought your favourite sword in DOTA2, now you can play with this sword when you play the game and show it off to your friends. However, the game databases are not blockchain protected. Instead, they are centralized. This means that your owned virtual goods can be removed, stolen, or hacked if these databases or your game accounts are hacked.
That is, however, very unlike NFTs. As NFTs are blockchain protected decentralized tokens which are secured and protected.
Ownership Misconceptions of NFT
Well, you can say that. We all love showing off expensive watches and mobile phones. Nothing wrong with that; humans have this awful knack for showing off things when they are insecure about themselves. Which is almost understandable for everyone these days.
How about car plates? Why do you think people buy expensive, rare and fancy car plates? Do they make the cars go faster or add any other functionality? No, that’s simply to show it off to everyone around.
The above-mentioned collectables are easy to prove, in case you are asked about their ownership. As you will have a document or online verification proving your ownership of that item. For example, in the case of your house, how do you prove that you are the owner of the house you are living in? It’s definitely not just by saying that you live in it means you own it. You must have proper ownership rights and documents of the property.
This is also one of the common misconceptions about NFT ownership; people think it is only for the sake of showing off and can be stolen. No, they can’t be. NFTs are blockchain protected and also have online ownership verification. NFTs cannot be stolen or hacked because of the technological wonder, blockchain.
How NFT will Affect the Real Estate Industry
NFT and blockchain will likely make the real industry easier, safer and transparent for all buyers and sellers.
Just like in the case of virtual real estate, where you can buy and sell virtual properties of land in a 3D world. There are many such websites circulating already on the internet, like Decentraland, Sandbox, and NFTWorlds, to mention a few. People are already on these platforms buying their favourite places and keeping them for the future meta and 3d worlds.
Earth2 is also one of the similar services where you can own property on clone earth. Earth2 isn’t blockchain protected yet, but will soon be as per speculations.
NFT will change the world as we know it; hundreds of thousands of people are crazily trading NFTs just because of the potential they offer. But the higher side of the population still needs more education on Non Fungible Tokens (NFTs).
Thanks for reading this article; we hope you learned enough about NFT and real estate connections. Make sure to drop a comment to let us know about your views on NFTs.