Capturing real estate on blockchains is perhaps one of the big, concrete examples of how cryptocurrencies will change the world. There are many companies that are active in this. You might be less likely to expect one of those companies: Ripple, the company behind XRP. The very first piece of estate is now on the XRP Ledger as a non-fungible token (NFT).
Land on the XRP Ledger
NAfter Ripple added support for NFTs to the XRP Ledger in the middle of last year, the company launched a $250 million fund to developers to encourage use of the feature. One of the companies that was quick to act, thanks to this fund or not, was Peersyst Technologies. This is a blockchain startup from Barcelona operating in various crypto segments and collaborating with governments.
The company also collaborated with the government of Colombia to Making NFTs from pieces of estate. This concerns real real estate, not digital real estate in the metaverse, for which NFTs are also popular. Together with the national land registration agency Agencia Nacional de Tierras and XRP Stamp, Peersyst makes it possible to put parcels on the XRPL for registration.
Of XRP Stamp you can relatively easily put digital assets on the XRPL yourself. You can verify your ownership using a QR code. On Twitter writes Peersyst that the development took a year, and that you can now easily arrange this yourself via the registration office of the government. The company wants to have more than 100,000 registrations as soon as possible to gain the first bit of confidence from the population.
Excited to share that we just put into production the first version of the #NationalLandRegistry together with @AgenciaTierras and the support of @Rippleto register the first adjudication resolution in Colombia🇨🇴on #XRPLE
Search by its number “11774”👇https://t.co/C8o5xv9JKd pic.twitter.com/CaccQuUGbk
— Peersyst Technology (@Peersyst) July 29, 2022
NFTs on real estate
Besides art you can of course make an NFT of many more things. Real estate and land are good examples and are relatively stable in value compared to crypto. For many people, a home is the most important purchase of their lives.
There is a relatively high level of corruption in Colombia. By placing real estate on a blockchain, it is immediately clear who owns something. In addition, it is conceivable that you can more easily use your property as collateral for a loan. We are in for an exciting time. Would you like to have your house on a blockchain? Air your heart in our Discord group!