Mortgages hit the blockchain as NFT

The Bacon Protocol, a decentralized solution for the housing market, issued seven mortgages as NFTs this week as crypto experimentation grows in real estate.

The Bacon Protocol issued mortgages on $ 7.2 million of real estate in four states – California, Alabama, Iowa and Washington.

“The mortgage industry is not meant to be replaced, but to rely on new technology that allows today’s homeowners to have the options they deserve,” said Karl Jacob, CEO and co -Founder of Bacon Protocol. “NFTs and smart contracts fit perfectly into the lending world as they are similar to many legal arrangements in real estate, with improved technology and functionality, enabling products like our 2.0 smart loans that offer refinancing. automatic at the lowest rate and an infinite duration. ”

This is how it works. The Bacon Protocol uses smart loans that use artificial intelligence to assess a homeowner’s financial situation, extrapolating it into the future. Each auto loan refinances at the lowest possible rate and has an infinite repayment period. The NFTs wrap the lien on the house, while the protocol lends against the NFT.

Experimentation with real estate and TVN is increasing. This spring, Nolan Reynolds International announced it symbolizes a $ 240 million development in Miami. And in June, Property Management Group began accepting payments for its E11EVEN Hotel & Residences project.

The Bacon Protocol, a decentralized solution for the housing market, issued seven mortgages as NFTs this week as crypto experimentation grows in real estate.

The Bacon Protocol issued mortgages on $ 7.2 million of real estate in four states – California, Alabama, Iowa and Washington. Subscribe for the full article

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