A New Way to Buy Land
At Fabrica we’ve always been excited about speeding up the buying and selling process of properties. There’s a couple of ways we’ve been able to help reduce the time it takes for buyers to actually own the land they’ve bought.
One way has been on the administrative side thanks to our trust model. Our trust model works in such a way that the owner of the NFT representing the property is in-turn the owner of the physical property. The NFT represents title, the owner of the NFT is the owner of the property. If you sell the NFT you are selling the property and conversely with buying the NFT. By trading the NFT and not trading the trust itself, we can cut down on days if not weeks or months of waiting on records to be updated at the county.
We’ve also taken steps to dramatically reduce the time it takes to complete the transaction itself by creating an online marketplace for these properties at https://v3.fabrica.land/buy-land .
So how did we get to wanting to make the marketplace ourselves?
When we were thinking about how to best improve the user experience on the transaction there were a couple of approaches that we considered. One option was to just be happy with the current marketplace landscape for buying and selling NFTs, sites like Opensea which currently accounts for 90% of NFT trading volume. Another was to try and find a team that was as ambitious on real world assets (RWA) as we are, and have them build a marketplace that is primarily meant to serve customers looking to buy and sell in this RWA market.
Then, we came across Reservoir.
That’s when we chose to build the marketplace ourselves.
Why? Reservoir is a developer platform that lets you interact with the NFT market using a single toolkit.
That means our engineers at Fabrica didn’t have to spend their time building all the necessary components and infrastructure that a marketplace requires, and could instead pick and choose elements that the Reservoir team had already built.
This resulted in going from 0 to having a fully functioning marketplace embedded in v3.fabrica.land in less than 3 weeks. And most importantly it means that buying, selling, listing and transferring properties can happen in minutes and just a couple of clicks.
Here are some exciting things about our revolutionary new marketplace:
- Your Property Page - It’s super simple to see properties in your wallet. Better yet, you can see which ones are listed for sale compared to those that aren’t without any filtering on your end.
- Selling a Property - All it takes is a couple of clicks to list your property. Choose the currency you want to list in: USDC or ETH. Set how long you want the listing to be live for and simply “List for Sale”. Remember, when you sell the NFT, you are selling the property itself. Only list a property for sale if you actually want to sell it.
- Buying a Property - Is even easier than selling one. Find a property that you like and choose how you want to pay. And hit “Checkout”. The NFT and property are now yours.
And there’s two ways to pay:
- Pay in crypto
- Pay with a credit card
We recognize that all buyers aren’t the same and have different levels of familiarity with crypto which is why we wanted to enable credit card payments. Just like selling the NFT, when buying the NFT you are buying the property. Whoever owns the NFT is the owner of the property. That means, that the minute you buy the NFT, that property is now yours.
We are super excited to have launched this marketplace feature. If you have a property which you are trying to sell but haven’t listed it on our marketplace just yet the first step is to use our self-serve on-ramping form. This takes just a couple of minutes of work on your end, but we’ll help you bring the property on-chain so you can start selling it through marketplaces like ours. While for sale as an NFT, we will cross-list the property on select traditional land marketplaces just in case a buyer still comes from there. In that case, we can support a traditional transaction as well.
Our goal is to change the way people own properties, and we think you’ll enjoy this faster and cheaper way of transacting too.