Over the last 50 years buying property in the UK has become consistently more expensive for the average retail investor, fuelled by barriers to entry such as: increasing minimum mortgage deposits and high stamp duty costs. On top of this, buying property traditionally has the potential to entail hidden costs such as maintenance and repairing damage.
These factors have been making investing in the traditional property market less financially attractive. The aim of the Virtual Property Exchange is to leverage the power of Ethereum Blockchain to provide an investment opportunity that scales proportionally to the property market with none of the traditional drawbacks.
How Does it Work?
On our market place at www.virtualproperty.exchange, a potential investor has the option to purchase a unique NFT ("Non-Fungible Token") corresponding to a real world property. These are valued at 100,000 times less than their real world equivalents.
Once they purchase that token, we run a script which mints the token on the Ethereum Blockchain. This unique token is then sent to the investors Ethereum Wallet.
What Can You do With the Token?
As of right now, our platform is able to mint and distribute the tokens complying with the ERC721 standard. Our plan for the future is to have a fully operational, market place where investors and real estate enthusiasts can buy, sell and transfer Virtual Properties at values directly proportional to the real world property market.
What Features Will We Add in The Future?
- Allowing users to add to their virtual property, in various ways, such as building a virtual extension, this would take time and cost the user Ethereum, but also add value to the property
- Allowing users to purchase tokens representing famous landmarks, for a small fee
- Allowing users to buy up virtual electricity, water and gas companies and starting a micro economy with utilities