Spatial data firm Pupil has sold what it says are the first-ever verified NFTs of real-life properties.
The London based proptech has launched a new class of NFT which involves very detailed digitisations of real life properties.
Speaking exclusively to CityA.M., the company confirmed it has already garnered buyers across residential and commercial real estate.
Pupil’s current order book for NFTs stands at around $500k in revenue and the firm is eyeing a total revenue opportunity of more than $70m this year alone.
The company told CityA.M. it was the first time digitisations of real life spaces have been sold as an NFT, with what it described as “hyper-accurate” twins of properties.
Pupil is selling NFTs through the OpenSea marketplace, with its residential property mapping product Spec selling residential NFTs.
The development means real estate owners will be able to purchase a verified digital representation and record of their property via an NFT. The Spec verified trademark is insured for accuracy to 99 per cent of a property’s true size, the firm said.
Buyers will receive an individual QR code, which can then be displayed in the real life property.
Buyers have ranged from a one-bedroom flat owner in London to the owners of villas and apartments in Dubai, and a family for their home in the Hamptons, Long Island, USA.
Demand has come from homeowners of all income brackets with Pupil saying it believes the assets can be targeted beyond trophy assets for the super rich.
Pupil is readying future NFTs that will 3D digital twins underpinned by accurate measurements, with a trademarked ‘Home in Your Pocket’ concept.
Founder and CEO of Pupil, James D. Marshall, said: “No one else around the world can produce a Spec or Stak Verified NFT of a physical property. We are able to offer our customers a unique proposition, combining the physical and digital elements of real estate to give them the opportunity to own an NFT that is verified for its accuracy and authenticity.”
“Our sales evidence a significant step towards digitising the built world, a process that could be transformative in how we interact with real estate.”
The proptech believes that transacting with the use of a verified NFT of a physical property through blockchain could prevent fraud and save buyers and sellers time and stress.
“The possibilities for how we could use NFTs to trade and explore exact digital replicas of real-world spaces online are endless,” Marshall added.