After spotting a gap in the market, West London City Lets has unveiled new sub-agency Tokenized Properties – which allows landowners to buy and sell using Non-Fungible Tokens (NFTs).
The new agency is the UK’s first property firm to facilitate the sale of physical land through an NFT, having just listed the first deal of its kind.
Tokenized has listed a beach-front plot in Lymington for the equivalent of £1.9m in Ethereum, the company announced today, in collaboration with NFT agency Mint Collective and technology company Mattereum.
The land, on the edge of the New Forest, and the contract will be representing in the NFT.
If one was to buy the NFT, which includes rights to the land, the owner is able to trade the NFT as many times as they wish for up to five years. They will have to pay a transfer fee of £1 if they wish to take legal possession of the land.
The agency said that the process seeks to cut out the bureaucracy involved in standard property transactions.
“NFTs being paired with physical assets is becoming increasingly popular within the crypto-sphere,” founder of West London City Lets and Tokenized, Idris Anjary, said.
“We truly believe that this is the future of property transactions and are delighted to be embarking on this as our next adventure.”