Join us on LinkedIn Follow us on Twitter Like us on Facebook
 
  OCTOBER RESEARCH STORE Already a subscriber? LOG IN
AddControlToContainer_DynamicNavigation4

Technology Corner

Commercial real estate title minted as NFT on blockchain

Add This Email A Friend Printer Friendly Version
0 comments
Technology Corner
Monday, July 25, 2022

Utah-based virtual reality company Future House Studios minted its office deed as an NFT (non-fungible token), marking the first time an office building has been put on blockchain. Future House Studios used a new legal model through TruMint that allows real property to remain and transact indefinitely on blockchains with reduced transaction costs.

“In the near future, our office will exist as a 3D world where remote team members from LA to NY to Brazil and across the world can come to collaborate and work with the on-site, in-office team members in a metaverse. We truly are a studio built in the metaverse,” Future House Studios founder Adam Sidwell said in a release. “As an extension of that commitment, we worked with TruMint to mint title to our company’s office in an NFT that we hold in a wallet and can transfer on the blockchain.”

Several residential properties have transacted on the blockchain in the last two years. However, those models required the use of a legal entity, such as a limited liability company, to hold title to real estate, according to TruMint. That requires owners to pay annual upkeep or franchise tax. 

“We have created a legal lockbox that effectively puts real-world title into cold storage that then allows a NFT ‘digital deed’ to transact indefinitely on-chain,” TruMint co-founder and crypto attorney William Barlow said. “At any point, the NFT holder can retrieve the real-world title by returning the NFT ‘key’ to the lockbox.”

TruMint aims to make the legal sale of real estate as simple as the transfer of any other NFT, with additional security measures, and in such a way that all real estate purchase requirements are satisfied in all 50 states.

“We are excited to be working with Future House Studios to creatively harness blockchain technology to simplify the sale and purchase of real estate,” TruMint co-founder and tax and crypto attorney Ephraim Olson said. “Our companies both believe in this technology and that it will be the future of real estate transactions. We believe the solution we have developed will revolutionize how real estate transacts and will potentially allow ownership of any real-world asset to be recorded on a public blockchain and then transferred, bought, and sold indefinitely, with greater efficiency and lower cost.”

 

Today's other top stories
Class Valuation acquires another AMC
CoreLogic: Home Price Index show slow gains for second consecutive month
Commercial firm appoints special group directors
JLL expands proptech-valuation products
AI names 2023 VP


COMMENT BOX DISCLAIMER:
October Research is not responsible for the comments posted on its websites by readers. We will do our best to remove comments that include profanity or personal attacks or other inappropriate comments.
Comments:

Be the first to leave a comment.

Leave your comment
CAPTCHA Validation
CAPTCHA
Code:
: 
: 
Your Email is for reporting purposes only. It will NOT be displayed.
Popularity:
This article has been viewed 621 times.
A Twitter List by ValuationReview

Print Edition - August 22, 2022

News by Topic   Special Reports   Webinars   Subscribe
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
 
 
2022 Appraisal Technology
2022 State of the Industry
Voice of the Appraiser
Finding and Training the Next Generation
Appraising in a New Environment
Green Appraisals
Archives
 
Eminent Domain Considerations
Move to ANSI Standards
Economic Forecast Series
Keys For Operational Efficiency
Complying with New DEI Regulations
Archives
 
Subscriptions
Free Email Updates
Try a Free Edition
News by Edition   About        
June 27, 2022
July 11, 2022
July 25, 2022
August 22, 2022
Archives
 
Valuation Review
Contact / Editors
Social Media
Advertise
Are You An Expert?
Subscriber Agreement
       
Copyright © 2002-2022 Valuation Review
An October Research, LLC publication
3046 Brecksville Road, Suite D, Richfield, OH 44286
(330) 659-6101, All Rights Reserved
www.valuationreview.com | Privacy Policy
VISIT OUR OTHER WEBSITES
> The Legal Description
> RESPA News
> The Title Report
> Dodd Frank Update
> The October Store
Loading... Loading...
Featuring:
  • Delivery 3X a week plus breaking news as it happens
  • Comprehensive title insurance industry news
  • Recent acquisitions, mergers, real estate stats
  • Exclusive in-depth coverage of the industry's hottest stories
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Comprehensive Dodd-Frank coverage
  • The latest information from the CFPB
  • Full coverage of Congressional hearings
  • Updates on all agency actions
  • Analysis of controversial provisions
  • Release of newest studies and reports
Sign up today and...
  • Be one of the first to know where NS3 is being held
  • Learn about NS3 speakers and sessions
  • Save on registration with Super-Early Bird rates
  • Discover the networking opportunities NS3 offers
  • Find out if CE credits will be offered for your area
  • And much more
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Preview the latest RESPAnews.com Top Story
  • RESPA related headline news
  • Quote of the Week
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • Legal, regulatory and legislative information impacting the settlement services industry
  • News from HUD, Congress, state legislatures and other regulatory agencies
  • Follow the lobbying efforts of all the major national real estate services organizations.
Featuring:
  • Delivery 2X a week plus breaking news as it happens
  • The industry's only full-time newsroom
  • Relevant, up-to-date appraisal industry news
  • Covering the hottest stories and industry trends
NEWS BY TOPIC
NEWS BY EDITION
SPECIAL REPORTS
WEBINARS
RESOURCES
FREE EMAIL UPDATES
ABOUT
SUBSCRIBE
Conference Coverage
Appraiser News
Commercial Corner
Legal News
Market Watch
Technology Corner
Sponsored Content
Current Edition
July 11, 2022
June 27, 2022
June 13, 2022
May 30, 2022
Archives
Appraisal Technology
Real Estate Compliance Outlook
Best Practices
2022 State of the Industry
Voice of the Appraiser
Finding and Training the Next Gen
Archives
Eminent Domain
Appraising Office Space Today
Move to ANSI Standards
2022 Economic Forecast Series
Industry and Regulatory Outlook
Keys For Operational Efficiency
New DEI Regulations
Drones Do's and Don'ts
How to be an Expert Witness
How AVMs Can Work for You
Webinar Archives
Executive Interview Series
Social Media
Valuation Review
Contact Us
Advertise
Are You An Expert
Subscriber Agreement