The innovative partnership between Mattereum and leading property consultants West London City Lets has come to fruition with the launch of the first real estate physical asset non-fungible token (NFT), for a prime beach-front property on England’s south coast.
The NFT is listed on the NFT marketplace OpenSea for offers over £1.9M through West London City Lets’ blockchain subsidiary Tokenized Properties . To date this is the most valuable physical asset for which Mattereum has provided an Asset Passport and is a first of its kind transaction. It is set to revolutionise real estate deals, not just in the UK, but for customers worldwide by using Mattereum’s innovative legal-technical tools to create a market that is both efficient and transparent.
The NFT is linked to a Mattereum Asset Passport that stores relevant data for the property and is held on the blockchain. The Mattereum Asset Passport bundles together legal rights and warranties and is paired with Mattereum’s smart contract. This means that the required searches, title deed and reference media for due diligence are displayed accurately and transparently so that the NFT purchaser can sell on the property without the next purchaser needing to go through the process all over again.