This article is from cointelegraph.com.br and the original article can be read here in Portuguese
The simple life of 49-year-old day laborer Docelina de Barros was far from the dream of owning her own home, since access to real estate credit has always been a practically unattainable reality for a resident of Porto Alegre (RS). But what seemed unlikely ended up being a pleasant surprise at the end of March, when a new type of financing opened the doors for Docelina, who, after three days of negotiation, acquired a house worth R$129,000. This is the use of the property itself as collateral, which is done by attaching the property registration to a non-fungible token (NFT), according to the press office of the startup responsible for the project, netspaces.
Docelina revealed that she located the project during a search on the Imovelweb real estate portal using her cell phone and was then directed to the service of a Guariba real estate broker.
Working as a day laborer, I end up not having the traditional means of proving income, such as, for example, a paycheck. I have always encountered barriers to accessing bank financing, even more so because I do not have any stored value that could be given as collateral. The netspaces solution was what allowed me to finance my house. This is of immeasurable value to me and my children, she explained.
Using blockchain technology, tokenization was done by netspaces through a legal-technological contract for properties launched by Imovelweb, one of the largest real estate portals in Brazil. According to netspaces, there are already 100 properties available on the portal, totaling R$ 50 million in NFTs, distributed in Porto Alegre, Rio de Janeiro (RJ) and São Paulo (SP). According to the company, another 500 digital real estate properties will be acquired in the portfolio, which should raise the amount of properties linked to blockchain technology to R$290 million.
The process will allow people who usually don’t have access to credit to buy their real estate on digital property. At the same time, those who lend will have the opportunity to do so much more quickly and with the same security as before in terms of collateral. All this with much lower transaction fees and costs, including transaction time in a matter of hours instead of weeks, noted netspaces CPO Jonathan Doering Darcie.
According to the startup, the objective is to provide the digital property market with credit for financing acquisitions, as the modality was successfully accepted by the market in 2021.
We want to bring new ways to buy, sell and build real estate. We are already preparing to expand our processes so that credit and access to real estate reach an ever-increasing audience, added Darcie.
While the real estate market is linked by the tokenization of enterprises as a form of payment guarantee, this market also approaches cryptocurrencies in terms of payment. This is what happened at the end of March in Portugal, where the Order of Notaries (ON) decided to regulate the purchase and sale of real estate using digital portfolios as reported by the Cointelegraph Brazil.