Villator’s blockchain and NFT plan to speed up property sales
Tod Walker, 22, hopes to cash in with the launch of Villator – a UK-based technology company which he says will digitize property ownership and revolutionize transaction speeds through blockchain.
The startup, Villator, will work by using the online marketplace to list a digital asset, or NFT (non-fungible token), which is linked to a limited company, created for the sole purpose of the real estate transaction.
The property, which can be commercial or residential, will be owned by the limited company.
CRYPTOCURRENCY
The buyer would purchase the digital asset using a cryptocurrency to become the new owner of the corporation.
The former owner of the limited company would then transfer the ownership of the firm to the buyer and hand over all the assets – including the property.
Currently, the way it is set up means that mortgage or financing options are not available, but it could be an option for property developers and cash buyers looking to cut down on the time it takes to complete a transaction through traditional means.
Through blockchain, all stages of a transaction – including offers made – will be documented, which Walker hopes will eliminate buyers being ripped off.
With a real estate agent there is a lot of back and forth.”
Walker (main photo) says: “When you go the traditional route with a real estate agency, there’s a lot of back and forth with phone calls every time an offer is made, declined, accepted, etc.
– Buyers are often put under pressure to make a higher offer, and estate agents tell them about counter-offers that sometimes don’t even exist. Not only this, but the real estate agents will take a cut of the sale, which will increase the value of the transaction as a whole.
“The way this new process works will mean the buyer has full transparency about every offer, everything is documented and wholesaling of property will be eliminated.”
HOPE
Although this process has already been brought to US markets, Walker has high hopes for Villator in the UK.
He adds: “NFTs and digital assets get a bad rap because people end up paying a lot of money for something they can’t hold in their hands and a lot of people struggle to get their heads around that.
“So why not introduce something to the market that merges the virtual and physical worlds and allows people to use something that otherwise serves no real purpose to buy something tangible that they can live in, build on, rent out or do whatever they want with ?”
Villator is in the pre-launch phase and is currently seeking to raise £500,000 in investment, which will be used to develop a blockchain-based real estate marketplace alongside smart contracts that connect to a single user interface that will streamline the process.
