Tokenised land sale takes another step closer

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The sale of the UK’s first plot of land using a Non-Fungable Token to facilitate the transaction using cryptocurrency took another giant leap this week with the launch of the OpenSea account where the land can be purchased.

Tokenized Properties, a sub-agency of property consultants West London City Lets is selling land on the Hampshire coast worth £1.9 million in Ethereum cryptocurrency using a Non-Fungible Token (NFT) to facilitate the transaction.

BLOCKCHAIN

A NFT is a record on a blockchain which is associated with a particular digital or physical asset – in this case a sea-facing plot of land in Milford-on-Sea in Lymington.

The land has an approximate span of 120mx22m, a 380m perimeter and an approximate area of 2680sqm.

Tokenized Properties has partnered with tech firm Mattereum, NFT agency Mint Collective and a team of investors to help the sale go ahead.

Once you have placed a bid for the land, you will go through a KYC and AML process.”

Hannah Ford, Mint CollectiveHannah Ford (pictured), chief executive of Mint Collective Global, told The Neg: “We’re really excited to be the first UK company to offer this type of transaction whereby you can purchase land via an NFT using cryptocurrency.

“Once you have placed a bid for the land, you will go through a KYC and AML process. If this is accepted you will receive the NFT that holds the option to lock into the land title.

TRADE

“If you do not exercise this option, you are free to trade the NFT. However, any buyers on the secondary market will have to go through the same KYC and AML process before the NFT is able to be transferred.

“If you choose to lock into the land possession, you will have to pay an extra £1 and the process of transferring the land title with our certifier will begin.”


Go to Publisher: Proptech Archives – The Negotiator
Author: Robyn Hall