This Real Piece of Land is a Web3 Primitive
This Real Piece of Land is a Web3 Primitive
Here’s a piece of land in Fairplay, CO, around a 90min drive outside of Denver. It’s 1.59 acres and has amazing views. It’s also an NFT!?
At Fabrica, we wanted to change the game in regards to property ownership. If you were asked to verify that you owned a property, could you prove it in the next 30 seconds? Probably not. That is until now.
How are we changing this?
What we’ve done at Fabrica is brought property ownership onto the blockchain. We believe (along with many others) that bringing properties onto a blockchain is a better way to prove property ownership.
Currently, when you think about property ownership and how to verify the ownership of it, you probably think of a tangible paper deed that transfers title. This is how property ownership has existed for literally hundreds of years. But today, we live in a digital age where we need a better way to manage the ownership of a property.
We wanted to make owning a property as simple and easy as owning an NFT. NFTs can be much more than just art. Which is what a user did to their property in Fairplay, CO thanks to Fabrica…in a process which takes less than 10minutes!
Looking at this listing. It looks like any well designed listing site showcasing properties. The difference is, that you can buy the property in just a couple of clicks, something you can’t do on any other real estate platform today.
This works because the property ownership is tied to an NFT (non-fungible token). As you buy (or sell the NFT) the ownership of the NFT grants full rights to the property as defined in the Operating Agreement that exists within the NFT.
Given the property is represented as an NFT, it’s something you can verifiably hold inside of a crypto wallet. Any website or app that connects to the web3 world, you can now connect your property to. Whether that’s a defi (decentralized finance) lending protocol like NFTfi or a marketplace like Opensea which does around $2m in NFT sales/day, your property can connect and exist within those ecosystems.
In the past, doing anything like taking a loan against your property or selling it quickly could literally take months, if you could even organize a hard money loan. But now, all it takes is a couple of clicks. Because your property ownership is verified through the NFT, you don’t even have to talk to anyone, they can see the proof of your ownership.
If you want to get your property onchain to get the most out of your property you can do so here: https://v3.fabrica.land/on-ramp
Don’t have a property? We’ve got you covered too: https://v3.fabrica.land/buy-land