Non-fungible tokens (NFTs) are digital assets that are exchanged on a decentralized exchange platform. Because they are constructed on blockchain technology, they can authenticate the buyer's ownership of the digital asset and safeguard transaction information. Physical assets, including video clips, audio clips, trade cards, and even real estate assets, have the potential to be represented as digital assets via NFTs. The development of non-fungible tokens has unleashed a plethora of new options and features for business models looking to take their operations to the next level. The real estate domain is a newcomer to the NFT industry. NFTs can also be used to represent real estate assets.
The virtual NFT real estate marketplace based games served as a beginning point for portraying genuine real estate as a digital asset such as NFT. Decentraland was the first NFT-based game, representing virtual real estate as NFTs for the participants. For blockchain aficionados, this game presented the concept of turning real estate into NFTs.
