Unveiling Use Cases And Importance Of Web3 In Real Estate

Web3 is a modern technology that has created ripples in the tech field. With its mind-blowing features and functionalities, it has created a substantial buzz in the business world. Web3 has successfully penetrated into various industry sectors like healthcare, education, supply chain, insurance, etc. The real estate industry is no exception; the best part is that businesses have already taken cognizance of its potential. And it wouldn’t be wrong to state that after tapping into the realm of Web3, the real estate business will flourish like never before.

In this blog, we have stated the potential of Web3, its use cases, and popular companies that have already started incorporating this mesmerizing technology in their real estate business.

Business Scope Of Web3 In Real Estate

• The global Web3 market size is predicted to increase from $2.28bn to $3.25bn(2022-2023)
• The Asia Pacific region is expected to grow at a CAGR of 47%(2023-2032)
• Key Web3 market regional scope- North America, Europe, Asia
• The real estate business is predicted to see the daylight of a $100 million smart contract ecosystem.
• By 2030, the global real estate market size is estimated to grow at $6.13 Tn, and that too at a CAGR of 5.2%
• The asset tokenization is estimated to grow by 50 times (2022-2030), i.e., from $310bn to $16.1 Tn.

Revolutionizing Real Estate Business With Web3 Technology

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Web3 Real Estate Use Cases

Real estate is the most lucrative business and possesses many opportunities for revenue generation. Powered by Web3, this sector has unlocked a completely new world that provides perks that would be impossible to get in a real-world scenario. Witness some of the best Web3 real estate use cases to understand how Web3 real estate is best for your business.

Real Estate NFTs

Non-fungible tokens represent unique real estate assets or virtual properties in a metaverse environment and permit users to buy, sell, and trade virtual real estate.

Tokenization Of Real Estate

Real estate assets can be tokenized, dividing them into digital tokens representing ownership. This makes investing in and trading real estate easier, as tokens can be bought and sold more conveniently than physical properties.

Smart Contracts For Rent And Leases

Smart contracts fully automate rent and lease agreements. Payments are made in cryptocurrency, and contracts impose rules and conditions without any third party or intermediaries such as property managers/lawyers.

Decentralized Property Listings

Decentralized platforms are created where property listings are safely stored on the blockchain to ensure transparency and mitigate the risk of scams and invalid listings.

Swift Asset Transfer

Ditching conventional paper-based real estate documents and instead using smart contracts helps in the quick transference of assets and makes the registration process smooth without facing issues.

Real Estate Crowdfunding

Web3 in real estate has decentralized crowdfunding platforms that help investors pool their resources to make investments in real estate projects.

Cross-Border Transactions

Using blockchain and cryptocurrencies helps streamline cross-border real estate transactions by eliminating traditional banking intermediaries and currency conversion.

Immutable Histories

The transaction related to any change is permanently recorded on the blockchain and creates an immutable property history, including repairs, renovations, and transfer ownership.

P2P Real Estate Financing

Through decentralized lending and borrowing platforms, individuals are able to provide or access loans secured by real estate assets without involving traditional banks.

Property Ownership Records

Web3 in real estate ensures transparency and maintains an immutable ledger that helps reduce the risk of fraud, thereby maintaining property ownership records.

Fractional Ownership

Web3 enables fractional real estate ownership, allowing multiple individuals to own property collectively, making real estate investments easily accessible to many.

Property Management

Decentralized applications are used for property management tasks like collecting rent, maintenance requests, tenant communication, and utility bill payments.

Real-Time Property Valuation

Web3 facilitates real-time property valuation by gathering data from multiple sources and using consensus mechanisms to determine the property's current value.

Popular Web3 Real Estate Companies

Web3 has made immense transformations in the real estate space. Powered with solid technologies, it has removed the role of third parties and made the entire process quick and secure. Here, we have enlisted the popular Web3 real estate companies that are utilizing cutting-edge technologies to take the real estate industry to a completely different level.

Torii

Torii is a well-known startup that uses Web3 technology to digitize physical property ownership. Their DeFi platform, " Blockchain Home Registry," runs on Web3 and is accessible to all. This platform is also helpful for other real estate companies to create NFTs of their own properties where they can all update every detail and share them with the prospect buyers.

CitaDAO

CitaDAO, a startup company, uses Web3, DeFi, blockchain technology and has successfully developed a tokenized real estate platform. It serves a great purpose in solving various issues like tokenizing real-world properties and trading them in token form while maintaining high liquidity via liquidity pools and AMM.

Milo

Milo, a Web3-based real estate company, provides loans against properties. Moreover, they take crypto mortgages and help crypto investors while purchasing the property without crypto holdings liquidation.

Propy

Propy has come up with a Web3 real estate platform that aids in automatic real estate transactions and blocks fraudulent activities by precisely verifying the property documents and payments and making use of e-signatures.

RealT

To facilitate fractional real estate investment, RealIT has built its own platform, allowing investors to trade properties across the globe. The property ownership is provided via crypto tokens, and based on the share of the investors, they can vote and receive a part of the rent.

Importance Of Web3 In Real Estate

The real estate industry is evolving with time. Gone are the days when users were given a demo of a property in a 2D representation. But to offer a wholesome experience, AR, MR, VR, and XR technologies integration has changed the entire real estate business game. Several real estate businesses have already tapped into the realm of Web3 and are enjoying immense benefits.

• Accessibility- allows investors to make an investment even without sufficient funds due to asset tokenization.
• Increased Transparency & Integrity- all the parties involved agree to the terms of the contract.
• Synchronized And Automated Process- the workflow is maintained timely, like lease agreements, performing transactions, maintaining lease agreements, etc.
• Cost Efficiency- drastically reduces cost and saves time.
• Fractional Ownership- Helps investors own a section of the property and take advantage in the form of rental income.

Web3 has opened doors for real estate firms to automate their operations without compromising security. The biggest achievement of Web3 is the elimination of tech corporations, and in addition to that, all the power lies within the users, henceforth making Web3 in real estate a bankable business.

How Will Suffescom Help You With Your Web3 Real Estate Development Business?

Our team at Suffescom uses ultra-modern technologies and advanced product development techniques to deliver a personalized solution. We help companies by providing a significant Web3 real estate app development approach depending on the business requirements. We will help you integrate the most fabulous features that will uplift the aesthetics of your app.

Virtual Tours

Help users pick the perfect property through a multidimensional/ immersive virtual experience.

Wish-list And Cart

Wish-list your favorite properties on the blockchain-based real estate marketplace and start with the property registrations from the cart itself.

Property Listing

Helps in listing as many properties globally alongside blockchain verification.

Optimized Search Methods

With a quick search option, your real estate app will make it easier and more convenient to find homes quickly.

Advertising Services

Get a range of promotional services and design ad campaigns to advertise your platform.

Bottom Line!!

Powered by Web3 and cutting-edge technologies, the real estate business is expanding towards a new form of virtual experience through the metaverse. Real estate assets are represented as digital assets that can be potentially owned or traded exactly like actual properties. The real estate sector will witness a big transformation due to Web3, improving the industry's efficiency, transparency, security, etc.

Along with the above-mentioned use cases, there are many more to come that will surely elevate the real estate sector. As of now, we have already tapped into the world of Web3 and are offering fantastic Web3 development services to enhance the effectiveness and accessibility of the real estate sector. Web3 real estate has a bright future ahead of it, and we will witness substantial advancements in the forthcoming years.

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