Beyond collecting and digital art: NFTs reach the real estate market and gastronomy

Beyond collecting and digital art: NFTs reach the real estate market and gastronomy

Non-Fungible Tokens or NFTs can be used for much more than digital ownership title to digital artworks and collectibles. To give us an idea of the potential applications of Blockchain-NFT technology, using them exclusively for this market would be like using the internet only to send emails.

Within the Blockchain network, at a technical level an NFT is a chain of data that represents a unique digital element. An NFT can represent all kinds of digital assets such as artwork, audio, video, cosmetic elements of video games, and virtually any form of creative work.

The main technological advantage of the NFT is its ability to offer (i) warrantee of authenticity over the digital asset it represents and (ii) recognition of the ownership of property rights over the work, all without implying additional costs from third parties such as certifying entities or regulatory and control authorities over the assets.

Authenticity and ownership of any kind, two characteristics that join the infinite possibilities offered by NFTs are practically endless and today we bring you two disruptive projects in markets that go beyond digital art and pure collecting: real estate NFTs and gastronomic NFTs.

The Real Estate NFT: Propy

The proptech startup Propy seeks from its beginnings to simplify and facilitate the process of acquiring a home thanks to the application of Blockchain technology. The objective is quite clear: to offer a platform in which to close an entire process of buying and selling housing totally online through the Blockchain network.
During 2021, Propy proposed an initial project based on the technology of Smart Contracts with which to achieve this objective of being able to make a real estate sale totally online and on a single platform.
The initial approach based on a structure of Smart Contracts that replaced the entire original process of documentation and acquisition of the house (contract of sale, mortgage, deed, records …)

This idea led to the use of the Smart Contracts structure internally to fully tokenize real estate property in the form of NFT, following the following steps:

1. Preparation of the Smart Contracts that cover each step of the sale of the property.
2. Verification in the Blockchain network of the property information that is going to be incorporated into the NFT.
3. Execution of Smart Contracts to incorporate the property and all its legal attributes of registration to the
4. Blockchain network
5. Generation of the NFT within the Blockchain.
6. Commercialization of the NFT.

This real estate NFT incorporates all the documentation, data and records of the property in a single digital asset prepared to be exchanged within the Blockchain which, together with the characteristics of the NFT, facilitate the acquisition of a home, as the transaction depends on a single element: the NFT.

The Gastronomic NFT: FlyFish Club

Another disruptive approach is that of the Gastronomic NFT, making its way into the world of catering in what are already known as NFTs restaurants. In these cases, the NFTs serve as an access pass to the gastronomic experience. In short, NFT of membership or affiliation to a select club.

This concept of the Gastronomic NFT is being launched in Manhattan at the FlyFish Club by issuing 1500 tokens with which to acquire the status of member of the club. This NFT does not expire and allows you to enjoy the benefits of the gastronomic club as long as you have it safely in your wallet. Also, like all NFT, this token can be resold and rented on marketplaces like Opensea.

The practical operation of the NFT proposed by the founders of FlyFish Club is as follows. Once the gourmet has his Gastronomic NFT, he can access to make a reservation at the premises.

There is no greater limit for reservations than the waiting list itself, and holders of the Gastronomic NFT can book per month as many times as they want and for as many diners as they want. About the diners, they are not limited to each owning a Gastronomic NFT of the FlyFish Club, but each member can bring as many guests as they want.

Eye! Acquiring the token does not mean that the restaurant account is included, being the payment of the service independent of the purchase of the NFT. After all, it is a gastronomic club, with the NFT being the entrance cost, paying for each experience on a regular basis (with FIAT money or with cryptocurrencies, to the taste of the consumer).

An interesting aspect of the proposal is that both the resale and rental of NFTs are allowed for monthly periods, expanding the market possibilities of these NFTs and facilitating access to this type of exclusive experiences without having to irremediably buy the token and become a member of the FlyFish Club. A move that will undoubtedly keep the economy of these NFTs alive, by standing as an investment with a double potential: revaluation and immediate economic return.

In short, in the first third of 2022 the NFTs show us that not everything is digital art and collecting “boring apes” and that they have an immense potential application in everything that has to do with the ownership of goods and intangibles.

At Letslaw we are experts in Blockchain technology, and we can legally advise you on the legal and regulatory needs to start with your Blockchain project.