NEAR-REALVERSE

Affordable houses for young and low income people

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Welcome Track

We are still new to NEAR sdk and there are a lot of things that we need to intake and learn to make the project up and running. However, we really want to learn and to integrate blockchain into the current project. We want to be familiar with the blockchain technology and NEAR. Thus, we apply for the welcome track. We had Near SDK as back end. For front end, we have different functions being displayed. However, we ran out of time and had issue to integrate front and back end together. We hope to have mentorship from NEAR developers to integrate our app better with NEAR sdk.

Near Foundation Challenge

We want to create a work that communicates a valuable message about the future of the web. In the future web, people can purchase houses with NEAR tokens and are able to purchase NFT real estate arts.

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 RealVerse 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 NEAR
  • Grow a community and exposure: Because of the affordability and potential earnings, the community will grow fast and exposes NEAR 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 NEAR token prizes. For now, each token is worth 100 NEAR.

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 NEAR SDKs 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.

  • NEAR SDKs
  • 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 Near SDK with the front end and that is why we applied for Welcome Track since we are developers who are still new to NEAR blockchain technology but we really want to learn and to integrate blockchain into the current project. We want to be familiar with the blockchain technology and NEAR. We read documents and had obstacles that if it is possible, we would like to seek mentorship from NEAR developers to develop our project better.
  • We also learnt a lot about NEAR. We look forward to be able to be part of the community to develop new apps on NEAR platform.

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 and about NEAR. We see the potentials of NEAR becoming bigger in the future by integrating different blockchains and allow them to trade without barriers.

What's next for NEAR Real Estate

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.

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