Key Takeaways
- Niecon and All Set will tokenize several luxurious villas by minting 10,000+ NFTs for each of the villas.
- The sale will be conducted on the All Set website. Users will need to use their wallets to buy NFTs.
- Every user will be able to buy as many NFTs as they want.
- After users have purchased an NFT, they will be able to sell them or trade them anytime without any permissions or approvals.
- Additionally, all NFT holders will be able to receive an income from rent.
- Every user will have the opportunity to buy the properties in whole as well, by purchasing the entire NFTs collection related to that particular property.
Australian real estate developer Niecon has partnered with NFT Real Estate Platform All Set to tokenize real estate worth $3 million.
Real estate tokenization enables developers to turn a property’s worth into a token that can be owned and transferred digitally and is recorded on a blockchain. Each of these divisible tokens represents a tiny portion of the real estate’s ownership.
Niecon said in a statement that it aims to tokenize, fractionalize, and sell several luxury villas worth over $3 million. The investors will have the opportunity to own these luxury real estates in small pieces with tiny investments as low as $10.
Established in 1969, Niecon is one of the oldest real estate developers of Australia. The company has built 22 real estate projects worth $2.08 billion, including the iconic project, The Oracle. The Oracle is a two-tower, $850 million premium apartment complex located in Broadbeach, Queensland, Australia’s Gold Coast. At the launch, it held the record for Broadbeach’s tallest building and highest apartment sale.
The technology partner for this project, All Set specializes in tokenizing real estate. Founded by Web3 PE / Incubator Xillion, All Set provides a real estate investment platform. All Set is building a blockchain-powered Real Estate platform which is a combination of Zillow, AirBnB, and Robinhood.
Several luxurious villas in one of Australia’s most well-known vacation spots, Gold Coast, Queensland, will be offered for sale as NFTs on the All Set website starting around January 2023. The villas cost more than $3,000,000 in total.
“In our endeavour to continuously grow and improve, we are excited to work alongside All Set by Xillion (XIL), Niecon said in a statement.
“We believe that combining real estate and blockchain is a great opportunity to modernize the industry. The new generation of real estate buyers differs from the ones that came before. We believe that to serve them adequately, we must continue integrating mindful and relevant innovations in the Niecon ecosystem,” Niecon added.
By issuing 10,000+ NFTs for each villa, Niecon and All Set will tokenize each one. The sale of NFTs will take place on the All Set website. Users will have to purchase NFTs using their wallets. Each user will be able to purchase as many NFTs as they like. A user may sell or trade an NFT at any time after making a purchase without obtaining permission or approval. All NFT owners will also be able to earn money from renting out their apartments. By acquiring the whole NFTs collection, each user will have the option of purchasing the properties in their entirety.