Smart contracts are increasing their presence in global markets
Blockchain is an increasingly common word. The advancement of the technology and its positive impact on industries, governments and entities has increased the interest of global markets in its study and implementation.
One of the main benefits of blockchain technology is its ability to generate smart contracts (NFTs) that can hold secure and reliable information. NFTs are units of value assigned to decentralized business models.
In the economic-legal spectrum, there are two types of assets: fungible and non-fungible. The former can be exchanged, and their value varies according to their number, measure or weight; while the latter are unique and cannot be substituted.
"An example of a fungible good is money. If you have a 20-euro bill you can exchange it for another 20-euro bill and it does not lose value and is exactly the same, but it will be consumed when you use it. An example of a non-fungible good would be a work of art. If you have a painting at home, it is not consumed when you use it and it cannot be replaced by another painting," writes Xacarta.
In recent years, the growth of the NFT market in the world has accelerated irrepressibly after the great digital trial of the new Coronavirus pandemic.
As Chainalyss reveals, in the first quarter of 2022 alone, NFT collectors delivered some $47 billion to global markets, nearly matching the total figure for 2021, when investors reported some $40 billion in transactions.
The report details that, despite some brief fluctuations-natural to a developing industry-growth is steady and the number of people buying and selling NFTs is large. So far in the first quarter of 2022, more than 950,000 unique addresses have been recorded as buying or selling.
But the trend continues to grow. So far in the second quarter (just over a month), there were reported buy or sell transactions of at least 491,000 unique addresses, suggesting that the uptrend will continue with more transactions than in the first quarter.
Although the NFT market has investors from all over the world, for now the Asian markets prevail, followed by North America and Europe, respectively. Meanwhile, regions such as Latin America (especially South America) have seen a notable increase in transactions.
We are talking, of course, about the traditional NFT market generally related to cryptocurrencies and art. However, at DelNorte we are innovating and are global pioneers of the NTF market related to the real estate industry.
We are accelerating the digitization of movable and immovable assets around the world through NFT with high levels of security. That way we generate property titles that cannot be duplicated or altered.
According to our Blockchain expert-developer, Sergey Sergeyenko, at "DelNorte we use the NFT standard to reconstruct the digitization process using the extended ERC721 standard and the government requirements system. We tokenize real assets such as real estate, commodities, etc."
The smart contracts of our real estate platform —backed by contracts with governments— streamline digitization processes, assist in the resolution of property (title) disputes, improve territorial and cadastral organization, and contribute to resource mobilization in tokenized communities.
Our smart contracts will not only offer reliable technological solutions to land ownership problems anywhere in the world, but will also change the real estate industry for good.