Pupil, the global spatial data company and AI pioneer with offices in the UAE, has launched NFT for ‘phygital’ real estate through hyper-accurate digitization’s of real-world spaces. It has sold these verified representations of properties as NFTs to Dubai and UK buyers. As per their press release Pupil’s current order book for NFTs represents circa $500k in revenue, with a total revenue opportunity of over $70m this year alone·
This is the first time digitizations of real-world properties have been sold as an NFT providing the first concrete evidence that a broader market exists for these assets, confirming their value and potential to revolutionize digital interaction with real estate.
Pupil, the spatial data company that uses AI to create hyper-accurate digital twins of physical real estate, has successfully launched a new class of Non-Fungible Token (NFT) by completing the world’s first sales of verified digital representations of physical properties. This is the first time globally that the verified documentation of a real-world property has ever been sold in the form of an NFT, creating a new market that brings together physical and digital, or ‘phygital’, real estate.
The unique offering opens up a new opportunity for owners of real estate to purchase a verified, accurate digital representation and record of their property through an NFT. A bespoke artwork in the form of an individual QR code will be produced for each NFT that is purchased, which can be put on display in the physical property. The QR code will enable access to the digitized property.
Pupil confirmed the sale of tens of thousands of dollars of NFTs through the OpenSea marketplace. This includes the business’s residential property mapping product, Spec, which has sold residential NFTs to buyers ranging from a two-bedroom flat owner in London to the owners of villas and apartments in Dubai UAE, and a family home in the Hamptons, Long Island, USA. At the same time, Pupil’s commercial property equivalent, Stak, has mapped an entire portfolio for a leading UK commercial real estate business. Again, both Spec and Stak’s outputs are guaranteed and insured to 99% accuracy through their respective Verified trademarks.
Moving beyond property NFTs being a speculative or theoretical investment for niche collectors, Pupil’s sales pipeline for phygital real estate NFTs already includes orders worth hundreds of thousands of dollars, evidencing that these assets have a much broader market than collectors of NFT art, or trophy assets for the super-rich.
Pupil has so far sold NFTs in every geographic market in which it operates, including Europe, the Middle East and North America. Interest is from individual homeowners of all income brackets as well as some of the world’s largest property developers and commercial real estate businesses. This growing market suggests there is rapidly expanding consumer appetite for new ways to interact digitally with physical real estate though NFTs.
Significantly, NFTs can play a key role in revolutionising how we interact with real estate. For example, NFTs will be essential to facilitating the trading of verified digital representations of physical property in the metaverse. These digital assets could also facilitate blockchain transactions for physical properties, speeding up the entire purchasing process via the use of verified property datasets to underpin transactions.
Pupil is in discussions with land departments and regulators around the world to incorporate the verified NFT floor plans into compliance documents to be added to the records of a property recognised by the relevant authorities.
Future NFTs from Pupil will include 3D digital twins underpinned by accurate measurements, allowing for more immersive digital explorations of the physical real estate through the purchase of the token, as well as ownership of a digital version of a physical property which is guaranteed for its accuracy. The launch of this trademarked ‘Home in Your Pocket’ concept will fundamentally change how people interact with real estate, the industry that holds two-thirds of global wealth.
Oliver Breach, Founder and Chairman of Pupil, said: “We are servicing ever-growing demand from homeowners up to the largest global asset managers to acquire aSpec or Stak Verified NFT of the properties that they own. This market is far bigger and more diverse than many realise. As a result, Pupil is continuing to invest in the development of this transformative new product. Our technology is facilitating the transition to a reality where the real-world spaces we know and love can be digitally replicated with verified accuracy. This, in turn, moves us a step closer to game changing applications of this technology, including the trading or renting of a hyper-accurate digital version of your property and the ability to trade physical real assets safely and instantaneously through blockchain on a much larger scale.”
Pupil is targeting four initial key city hubs. It was founded in London and has expanded to Dubai and New York with a Singapore launch planned in March 2022. This will be followed by global expansion into an additional 64 cities, delivering Pupil’s technology-driven products to the world’s most influential real estate markets.