Problem statement
Many people, including young or low income people, cannot afford to own a house or invest in real estate to improve their lives and financial conditions. There should be a way to own real estate with low income fund.
Summarize solution to the problem
People can buy certain amount of tokens to own part of the house or real estate. This allows low income people to invest in real estate.
Inspiration
Owning a house has been dreams of many people whether they are young or old. However, with the current economical conditions of society, many young or low income people cannot afford to own a house or invest in real estate to improve their lives and financial conditions. Based on a survey of PropertyShark with 2,100 U.S. millennials, Generation Z, and Generation X, most of people stated that the down payment is one of the most significant obstacles that prevent people from buying houses. Further, according to data from the National Association of Realtors, the median price for an existing U.S home rose to just under $354,000 as of November 2021. Inflation makes house prizes increase more. Besides, many rich people use real estate as a hedge to avoid inflation and retain their asset values. This prevents low income people from buying house. Finally, because of the current pandemic, many people cannot go out to find jobs, save and earn money to buy houses.
There is a need to resolve the above issue and improve financial conditions of young or low income people. That is why we developed RealVerse to change and solve this issue. Instead of having to pay large amount of money to own a house, through RealVerse, people can buy certain amount of tokens to own part of the house or real estate. This allows low income people to invest in real estate and earn capital gains. On RealVerse, people can share ownership of the real estate and earn return of investment through renting the real estate, increase in house prize, or selling tokens. People can own houses in form of NFT and trade houses through RealVerse. Further, we support customers 24/7 and answer any questions that they have.
The benefits of our solution are:
-Affordability: Allow low income and young people to invest and improve their financial conditions -Pooled Investment: This attracts large amount of investment from many sources and enhances the trading ability of crypto currency -Grow a community and exposure: Because of the affordability and potential earnings, the community will grow fast and exposes crypto currency to larger public investors.
What it does
Instead of asking people to pay large amount of money to buy a house, we use the power of pooled investment and offer houses that are sold in token prize. Thus, people can choose to own parts of houses through purchasing blockchain token prizes.
Further, we offer users ability to purchase NFT real estate and they can preview the NFT real estate in 3D. Users can contact us by filling in the contact form page and we will provide customer support 24/7.
How we built it
We built the site using blockchain as backend. We also built the frontend using javascript, HTML, and CSS. We use 3D models for the NFT real estate. We use Netlify to host our page.
Blockchain backend
Javascript
HTML
CSS
3D
Challenges we ran into
We are one team person group. We had challenges to learn new framework and how to integrate it to our frontend and backend. However, we were able to pull it through and finished our project. We had issue to connect the blockchain sdk with the front end because of the time limit. However, we want to develop the solution more when more time is given. Accomplishments that we're proud of We were able to develop a solution and find a unique idea that can solve socioeconomic issue. Even though it was a one team member, we were able to pull it through and finish the project.
What we learned
We learnt a lot about blockchain . We see the potentials of tokenized real estate becoming bigger in the future by allowing low income and young people to invest in real estate with small amount of funds.
What's next for Affordable Real Estate Investments
We have ambition and vision that RealVerse can become big in the future since the idea can improve lives of many people if RealVerse is applied in real world. For the next step, we hope that RealVerse can be improved to be up and running in real life.
Log in or sign up for Devpost to join the conversation.