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First ‘digital twin’ of a property sold – is this the beginning of a new digital revolution?

Charlie Syson of Chestertons has the UK's first NFT (Non-Fungible Token) of his own one-bed flat in Battersea, opening up a new digital market in virtual property.

The Negotiator

Until now property NFTs have been the preserve of luxury developers offering them as novelty assets accompanying a physical property sale. But they are gaining value as super-accurate and verified digital records of a property which are guaranteed to 99% accuracy by the tech company creating the ‘phygital’ records. AI pioneer, Pupil has an order book of $500,000 for property NFTs already.

Their potential value could also be realised in the property sales transation, as part of a blockchain-enabled sales process, speeding up the entire purchasing process via the use of verified property datasets to underpin transactions. On a simpler level, a virtual property could be traded in the metaverse, should you want to buy perfect twin of a physical property in the real world, for your use in the virtual ‘metaverse’.

Pupil combines proprietary AI and industrial-grade LiDAR scanning hardware to capture millions of points of measurement to document a physical property. This hyper-accurate data (that forms a point cloud, as seen in the latest James Bond film) is processed through AI to create the floor plan/digital twin and then converted into an NFT. This provides the perfect gateway into the NFT market for those less well versed in blockchain and cryptocurrency trades, but also meets the high demand from experienced NFT and digital real estate investors.

Image of James D Marshall

James D. Marshall, CEO Pupil

James D. Marshall, Founder and CEO of Pupil said, “Transacting with the use of a verified NFT of a physical property through blockchain could prevent fraud, increase accuracy and save significant time and stress when buying and selling real estate, while the possibilities for how we could use NFTs to trade and explore exact digital replicas of real-world spaces online are endless.”

NFT owner Charlie Syson said, “This new class of NFT provides a unique record of my home and an accurate digital representation of the apartment which is far more long-lasting and secure than paper documents. It’s a really exciting digital asset for someone that loves property and NFT artwork, but it’s much more valuable and practical than that.”

For more visit: www.pupil.co

March 22, 2022

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