Vesta Equity has launched a peer-to-peer marketplace on Algorand for real estate assets that are supported by non-fungible tokens.
The new platform enables homeowners to sell part of their property as tokenized, fractionalized, non-fungible tokens.
The firm’s CEO Michael Carpentier, who started the idea two years ago, says that the new model allows users to value their homes without having to remortgage or sell them.
He adds that an investor across the globe can earn a return when the value of their real estate appreciates.
Carpentier notes that the use of Algorand was informed by the fact that the blockchain is immune to forks, has low fees, and is efficient.
The news comes amid a National Association for Realtors report that the median home price was $346,900 in 2021, a 16.9% year-over-year jump. The price was the highest ever recorded in 23 years.
The real estate sales jumped 8.5% year-over-year to 6.12 million homes last year, the highest in 16 years.
Source: The Block