This platform is transforming high-end property into NFTs

cointelegraph.com:

Buying real estate is a convoluted process that involves a lot of legal work — but now, nonfungible tokens are bringing these transactions into the 21st century.

A partnership between Mattereum and the property consultant West London City Lets now means that a prime beachfront property on England's south coast is available as an NFT issued by West London City Lets subsidiary Tokenized Properties.

The plot of land can be found in Milford-on-Sea, and the minimum bids for the NFT on OpenSea start at 1.25 million USDC.

So how does it work? Well, this NFT has been linked to a Mattereum Asset Passport, which proves the value of physical objects. It consists of a series of signed legal statements — as well as Land Registry documents and a detailed description of the land.

Mattereum and West London City Lets believe this approach could revolutionize real estate deals in the U.K. and 170 countries around the world — enhancing efficiency and transparency in the property market, all while streamlining transactions. Through nonfungible tokens, homes can be sold on to others without both parties needing to go through arduous legal checks all over again. The property NFTs can also be integrated into the DeFi ecosystem for collateralized lending.

While Mattereum is championing property as a potential use case for its protocol, the platform is also targeting other high-value assets in the so-called "Million Dollar Quartet." Through its B2B platform, everything from gold and antiques to musical instruments and investment-grade wines can be tokenized — and this technology is being offered to other startups in the crypto space.

Executives have stressed that any asset class can benefit from its approach, meaning it's possible to bring all