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Developers tap NFTs to promote projects, as property, cryptocurrencies and the metaverse converge
- Developers could use NFTs to showcase a property, create an exhibition or virtual twins of physical projects in the metaverse, Colliers executive says
- No Hong Kong or China property firm is currently using NFTs, but New World Development’s Adrian Cheng has recently invested in virtual real estate
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Property developers are turning to art non-fungible tokens (NFTs) to generate interest in and to serve as promotional tools for their projects, underscoring what analysts said was a natural fit between real estate, the metaverse and cryptocurrencies.
With NFTs of homes, developers can showcase their project, develop an emotional connection between buyers and owners and their properties, and even find a new avenue of revenue generation.
“The interest for developers can vary and the ultimate value is yet to be discovered. But, one example could be to develop their NFTs to showcase a property, create an exhibition or virtual twins of physical flats or a development in the metaverse,” said Hannah Jeong, head of valuation and advisory services at Colliers Hong Kong.
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“It’s an added-value angle, an attraction to increase engagement with their customers, even leading to sales or revenue. Developers can utilise the metaverse to build their own flats to showcase, and sell their physical and NFT units,” she said.
One developer that has fully embraced NFTs is OXO Living, a Bali-based boutique property development and management services provider. The company said it was the “first to create and launch its own property NFT artwork collection for 24 properties in its portfolio with unique visual representations on the blockchain”.
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