LONDON–(BUSINESS WIRE)–Leading property consultants West London City Lets have teamed up with technology company Mattereum and a team of investors to sell the first plot of land in the UK as a Non-Fungible Token (NFT) digital asset. The first seafront property on England’s south coast will be up for bids in excess of £1.9m in a first-of-its-kind deal.
While the surge in proptech over the past five years has led to increased investment in new technologies, the notoriously slow and outdated real estate industry remains ripe for change. Blockchain and digital assets will usher in a new era of technology-driven transformations, led by Mattereum’s innovative legal tools, creating a more efficient and transparent marketplace.
Data relevant to the high-value property will be stored securely using the Mattereum Asset Passport and maintained on an immutable public storage platform. The Mattereum Asset Passport bundles legal rights and warranties and is associated with Mattereum smart contracts. This will not only accurately and transparently display research, title and reference materials required for due diligence, but also streamline the buying process and increase buyer confidence in authenticity and value of the property.
Idris Anjari from West London City Lets said: “We are delighted to work with Mattereum on this first real estate project of its kind. This will be a game changer in the built environment industry and open up countless business opportunities for people looking to buy and sell property.”
The property has potential for commercial development and has already had designs created for an art gallery, several artist modules and an upscale cafe. The sale will be made through an innovative and unique transfer mechanism.
Founder and CEO of Mattereum Vinay Gupta said: “Real estate is the largest asset class in the world and one of the most stable, especially in geographically diversified portfolios. But transaction costs are extraordinarily high, both in terms of property due diligence and legal ownership transfer mechanisms. Innovation in the space to make buying and selling real estate cheaper and easier will unlock a lot of dormant potential in the sector. We are very happy to work with West London City Lets to show the world what is possible!
The property is at the heart of Mattereum’s ‘Million Dollar Quartet’, a four million plus portfolio of asset classes that also includes prized wine and whiskey, gold bullion, fine art and antiques. The quartet demonstrates Mattereum’s transformative capabilities in high-value markets as the most trusted operator in on-chain sustainable asset transactions.
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About West London City Lets
Initially as a property management and consulting firm, the company has branched out into providing architectural solutions and offering back-office design support to existing architecture and design practices.
West London City Lets has a wealth of design experience ranging from residential to commercial projects, and employs qualified architectural technicians, engineers and surveyors who are accountable, passionate and enthusiastic about delivering the best possible design solutions .
Founded in 2017 by CEO Vinay Gupta, Mattereum is an impact-driven technology company headquartered in London. Mattereum is committed to creating a new protocol for digital commerce based on transparency, trust and accountability. Founded by founders with a proven track record of designing and launching nation-state-level infrastructure, Mattereum’s cross-disciplinary team brings together programmers, lawyers, and decades of cumulative experience in finance, technology and dispute resolution to lay the foundation for the next generation of digital commerce.