NFTs for Residential Real Estate

Non-fungible tokens (NFTs) are unique units of data stored on the blockchain where each unit of data represents an asset. By design, the NFT ledger certifies the authenticity and provides proof of ownership of the asset. While most commonly known for its use in digital forms such as digital art, music, and in-game collectibles, NFTs can also be used for assets in the physical world. Combined with smart contracts (computer programs stored on the blockchain that are automatically executed when contractual terms are met), NFTs can streamline established industries in the physical world that still primarily rely on archaic processing pipelines. One such market is the residential real estate industry—colloquially, home buying.