LABS Group Unveils First Ever Resort Owned via NFT
Non-fungible tokens are the current trend in the IT and financial industries throughout the world. They’ve attracted some of the world’s most powerful corporations, celebrities, and brands, and their applications are evolving all the time.
LABS Group has unveiled the world’s first totally peer-owned NFT resort, in a first such project. NFTs are being combined with one of the most historically sought-after investment vehicles and real estate by LABS Group, an end-to-end blockchain property investment platform.
The company’s lofty objective of mixing NFTs with property investment, according to a media release shared with Crypto News Flash, is to “create a unique business model that will change the market and allow consumers to connect with property development in quite a novel manner.”
With timeshare-based NFTs, the LABS network will effectively compensate and incentivize its users. Each would have its own distinct qualities and function, which will provide benefit to fractional property owners. The unusual mix has especially come at a time when tokenization has emerged as being one of blockchain technology’s most promising uses.
By 2027, the World Economic Forum predicts that 10% of global GDP will be tokenized. The real estate market is likely to lead this expansion, and LABS Group might get a good start in this market by incorporating NFTs. The business hailed the new product in a news statement as having the ability to fundamentally revolutionize how real estate is traded and valued in the future.
It went on to say:
“This idea has the potential to profoundly alter the way the industry runs in the future by offering a completely operational tokenized real estate business that can be used globally.”
While NFTs have grown in popularity, for the first time, they have been utilized to reflect real estate possession. According to the business data, NFT sales increased 2,100% in 1Q21. There were double the numbers of buyers, in comparison to sellers of NFTs, indicating that the market will continue to expand. During that time, about $2 billion was spent on the purchase of NFTs.