Non-fungible tokens are digital assets that are created on the foundation of blockchain and smart contracts. NFTs represent digital assets such as images, GIFs, domain names, trading cards, real estate, etc. These NFT collectibles are traded on a platform that is called the NFT marketplace. The NFT marketplace is built on a blockchain platform as well. The NFT marketplace is of two types; open type and exclusive type. The open type is a marketplace that trades all types of NFTs, and the exclusive NFT marketplace trades only a selected type of NFT. NFTs are added to every business variant in the digital space. At present, real estate property is becoming a vital business platform in the digital space. Real estate trading is one of the most used trading processes in the world. In the past, it was causing problems for users during the trading process. This problem is caused because of the involvement of the middlemen like centralized banks, financial institutions, and government agencies. Hence, users have shifted their real estate business towards decentralization.
The ownership document of the real estate is converted into a digital copy and is then converted into NFTs. Since it is in the form of NFTs, they are decentralized and secured with the help of smart contracts and blockchain. Hence, it would be a perfect plan for the business platform to create an NFT marketplace for real estate and start the business process effectively. Therefore, it is a very interesting plan for businesses to enter the real estate domain with effective NFT prowess and with other effective features of blockchain technology and smart contracts.