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#1228

We are already aware of the fact that blockchain technology has completely disrupted traditional financial structures, and we are now at a stage where companies are slowly moving towards cryptocurrencies!

That impact has been on payments, remittances, and even foreign exchange. The way peer-to-peer networks work has been changed completely – obviously for the benefit of common people like us. Blockchain is even revolutionizing the food supply industry and is enhancing and removing errors in the overall supply chain management systems!

It is fairly simple and direct – we aim to bring together a community of people who are upset with the fact that real estate is an asset class that has been reserved for people with huge valuation.

And that is the biggest problem – why should the benefit of this consistently growing asset class be reserved to only a few wealthy people?

Our purpose is to defeat exactly that problem and gradually disrupt the traditional financial structures – to create a system that is infallible.

⦁ Assets that were reserved for traditional investing can now be tokenized

⦁ The process of selling/buying real estate or a fraction of it becomes very easy

⦁ Because the process gets automated, intermediary costs are nil

⦁ Tokenization ensures global access to assets

These are just some of the benefits that we reap while putting real estate on blockchain. To show that we are not just making it up, here is an example of an apartment that was actually sold as NFT on the Ethereum blockchain.

Way back in 2017, TechCrunch’s founder Michael Arrington paid roughly $60,000 to a company called Propy in the cryptocurrency Ethereum to buy a house near the Dnieper River. When WSJ reported that story, their headline only reflected the sense of awe that they were feeling towards what had just happened. A house was sold entirely online, and the payment was in a cryptocurrency (Ether). Do you think this was crazy?

Devon Bernard, a high-performing tech entrepreneur from California bought that same property from the Delaware-based LLC (through which Arrington originally bought the property) a few weeks ago in a first real estate NFT auction for 36 ETH (approx. $93,000). Propy has been leading the blockchain revolution by opening doors to a connection between real estate and cryptocurrencies – something that traditional investors are very sceptical about.

And this is, as they often say with cryptocurrencies, just a beginning.

The team behind Onooks is a community of software engineers, corporate finance professionals, and people from the blockchain industry whos aim is to continue their effort in delivering solutions for real world problem solving.

More information can be found at the Official Website.