Pupil, the fast-growth spatial data company, has launched a new class of Non-Fungible Token (NFT) by completing the world’s first sales of verified digital representations of physical properties. Following the first-ever sale of verified documentation of a real-world property being sold in the form of an NFT, Pupil has confirmed tens of thousands of dollars of NFT sales through the OpenSea marketplace.
Spec, Pupil’s residential property mapping product, and Stak, the commercial property equivalent, have sold NFTs to a range of buyers, both in Dubai and worldwide. The first sale in Dubai was to a senior banking executive, who jumped at the opportunity to take advantage of this ground-breaking technology.
Following this, Pupil will be producing NFTs for every unit of a landmark development in Dubai, ensuring the entire building will be Spec Verified, meaning buyers can transact with complete trust and transparency, and have the chance to own the unique NFT of their property.
Significantly, NFTs can play a key role in revolutionising how we interact with real estate. This application takes the purchase of NFTs beyond being a trophy asset or for niche collectors. They will be essential to facilitating the trading of verified digital representations of physical property in the metaverse. These digital assets could also facilitate blockchain transactions for physical properties, speeding up the purchasing process via the use of verified property datasets to underpin transactions.
Oliver Breach, Founder and Chairman of Pupil, said: “This market is far bigger and more diverse than many realise. Our technology is facilitating the transition to a reality where the real-world spaces we know and love can be digitally replicated with verified accuracy. This, in turn, moves us a step closer to game-changing applications of this technology, including the trading or renting of a hyper-accurate digital version of your property and the ability to trade physical real assets safely and instantaneously through blockchain on a much larger scale.”
