Tokenization of Real Estate

home page
home page after connecting to metamask
Adding new propert to sell
connection to metamask
property details seen by seller
property details seen by buyer
after buying the property
conformation message after transaction
conforming before transaction

Inspiration

Real Estate Investment is one of the safest options for Investing but It requires time to check if the documents are correct,middleman to search property and lawyer to check and transfer of the property. Real Estate is long process and it needs both parties to depend on the 3rd party and trust 3rd party, which can result in increase in cost and fraud .

What it does

Website helps in creating a platform which eliminates the middle person and saves cost for both parties.It also reduces the paperwork, procedure and time taken to buy or sell the property rarity, liquidity, etc.

How we built it

For creating smart contracts Solidity language is used.Smart contracts act as the Backend of the website.The creation of a smart contract which uses ERC721 Standards, this is going to handle the minting, transferring and other key functions of NFT and this contract is the heart of the NFT. Front end is created using React js , tailwind css which helps the user to interact with websites easily. JavaScript, ethers.js are used to connect smart contracts to the front end. Alchemy is an Api to optimize your code and make life as a developer way easier. It helps in instantly finding, verifying, and displaying any NFT, across all major blockchains. The Metadata of the property is stored in the IPFS and the hash produced by the IPFS is stored in the blockchain, this reduces the gas fee of storing the data in the blockchain. Pinata is used, which is a service that provides a simple interface to make it easier to interact with the IPFS. Pinata offers a web interface and also Api to interact.

Challenges we ran into

1) Connecting to IPFS was one of the challenge 2) storing wei to eth and eth to wei , as javascript can not store long number as wei ie 18 digits so it has to be converted to eth and in solidity we can not use decimal so we need to convert eth to wei again.

Accomplishments that we're proud of

1)Understood how NFT can be created. 2)learnt to use IPFS for storing. 3)created a website with react and css. 4)connecting our website with the solidity code.

What we learned

What's next for Tokenization of Real Estate

Many Features still have to be added to Real estate NFT marketplaces to make it useful in Real world. Additional features which has to be added are: ● Inspecting the property and Approving the property. ● Automatic deduction of Tax while buying and selling the property. ● Fractionalizing the NFT to allow small capital investment in Real Estate. ● Concept of Renting or leasing of the Property has to be introduced.