Dubai: Real estate is likely to be the first industry to widely use non-fungible tokens (NFTs). According to Ali Sajwani, General Manager – Operations at DAMAC Properties in Dubai.
According to the poll, which drew 4,225 responses from Arabic and English-speaking Twitter users, the property industry is most likely to benefit from NFTs’ potential physical applications. Sports and entertainment came in second (26%) while the car and luxury goods industries came in third and fourth (22%) and 21%, respectively.
“The property business isn’t ready to migrate to the metaverse yet, but I think we’re close,” said Sajwani. According to my Twitter followers, the real estate business was the first to mix digital and physical assets commercially.
Currently, NFTs are employed with digital assets to provide similar functions to traditional certificates of authentication. Because they are non-fungible, each NFT is unique.
However, in the last year, NFTs have found new usage in everything from digital asset ownership to artist work protection to real-world activities. Sajwani said that while NFTs are more usually associated with virtual art and collectibles, they have been used in conjunction with genuine assets.
“An advantage for the property market is that royalties can be integrated into these tokens, allowing them to be utilised alongside RERA title deeds or for the automatic collection of taxes like the 4% Dubai Land Department (DLD) fee.”
“There is no dispute about the longevity of traditional property deeds, but I believe blockchain-enabled technologies like NFTs are the future of our sector.” – Sajwani
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