Beachside ‘plot’ becomes UK’s first tokenised land sale
The 'NFT' transaction goes live this week with bids now being accepted for a £1.9m plot on the Hampshire coast.
A plot of land on the south coast of England is now on sale as a ‘Non-Fungible Token’ (NFT) transaction. It is the first time this style of physical land sale has taken place in the UK.
The plot has been listed for one month with a reserve price of £1.9 million in cryptocurrency. Selling the land as an NFT eliminates the bureaucracy involved in standard property transactions.
NFT is a record on a blockchain which is associated with a particular digital or physical asset – in this case a sea-facing plot of land in Milford-on-Sea near Lymington in Hampshire.
Property consultants West London City Lets launched a new sub-agency Tokenized Properties to facilitate the sale. It is the first UK property company to support the sale of physical land through an NFT.
Tokenized Properties has partnered with tech firm Mattereum, NFT agency Mint Collective and a team of investors to facilitate the sale.
Potential uses
Anyone who wants to bid must register via the Tokenized Properties website, and once
approved they will be sent a link to the sale. Investors will be able to trade the NFT as many times as they wish for up to five years.
The land, which has an approximate area size of 2,680sqm, has potential future uses such as art gallery, multiple artist studio pods or a high-end café.
Idris Anjary, founder of West London City Lets and Tokenized Properties, says: “NFTs being paired with physical assets is becoming increasingly popular within the crypto-sphere. We truly believe that this is the future of property transactions and are delighted to be embarking on this as our next adventure.”
