In a piece of recent news, it has been heard that real estate developers are now joining hands with blockchain, adding it as a new payment mode for buyers. Not long ago there was news that the famous luxury property developer DAMAC Dubai finalized a $1 billion partnership deal with the blockchain platform MANTRA.
This new deal is all set to transform the traditional practices of buying and selling property. The blog here contains all the exclusive details of this partnership. Stay tuned for more details.
What is DAMAC?
DAMAC is one of the leading real estate developers in Dubai; it has developed a few iconic properties in Dubai. The business has worked on some of Dubai’s most prominent projects, such as Damac Islands Dubai and other upscale apartment complexes, lodging facilities, and business establishments. Due to its inventiveness and dedication to producing high-caliber properties, DAMAC has become a significant force in the global real estate industry throughout the years.
What is the blockchain MANTRA platform?
MANTRA is a blockchain platform that develops real estate transaction solutions through decentralized technology. It provides a platform that allows users to manage, purchase, and sell real estate using cryptocurrency—a technology that is becoming increasingly popular all over the world. The platform’s goal is to increase the real estate industry’s transparency, efficiency, and security by streamlining procedures that normally demand several middlemen using blockchain technology. By utilizing the advantages of smart contracts and cryptocurrencies, MANTRA seeks to streamline the real estate transaction process.
What Is Included in the $1 Billion Deal?
A significant step toward incorporating blockchain technology into the real estate sector is the $1 billion alliance between DAMAC and MANTRA. As part of this agreement, DAMAC and MANTRA will work together to develop a platform that enables real estate transactions between buyers and sellers through the use of blockchain-based smart contracts and cryptocurrencies.
Key Highlights of the Deal
For a better understanding, have a look at the following pointers to know more about the deal:
- Real Estate Tokenization: DAMAC and MANTRA intend to tokenize real estate assets by utilizing blockchain technology. Property owners can turn their real estate into digital tokens that can be purchased, sold, or exchanged on the blockchain by using tokenization. This makes real estate more accessible to a worldwide audience and creates new investment options. You can now purchase DAMAC Islands Dubai with this procedure.
- Cryptocurrency Payments: Bitcoin and Ethereum are two examples of cryptocurrencies that buyers will be able to use to buy homes. Due to this action, DAMAC properties are now more appealing to investors who would rather pay with digital currency than cash.
- Increase in Transparency: Increased transparency is one of the main benefits of applying blockchain technology to real estate transactions. The blockchain will record each transaction, creating an unchangeable and transparent record. This lowers the possibility of fraud and guarantees that everyone engaged in a transaction has access to the same data.
What is the importance of this deal?
Moving on, let’s talk about what was the need for a partnership between DAMAC and MANTRA. Take a look at the points given below:
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Innovation in the Real Estate Sector:
Usually, there is slow progress in the real estate sector, developers do not adapt to new technologies this easily. And perhaps, to rectify this, DAMAC builders decided to embrace the crypto and blockchain culture. The deal will surely bring out the major changes in the traditional property purchase and selling method.
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New Investment Era:
In earlier times, the only way to invest money was by lending a large capital amount. But this puts a restriction on the people who do not like to keep money in the bank or cash. There is a large fraction of people having their money in the form of crypto coins. This restricts the number of investors. This new deal opens the gates of investing for crypto investors as well. Start by investing in DAMAC Islands Dubai.
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Simplified Transactions:
The introduction of blockchain and smart contracts results in smooth transactions by eliminating the interference of banks and intermediaries. Also, it saves the fees you might have to pay to real estate agents.
Final Thoughts!
We think that this deal between DAMAC and blockchain MANTRA will prove to be a game changer in both industries. Combining real estate purchases with crypto is a smart and quite advanced move that nobody could think of. The project will establish secure transactions, speed up the procedure, attract more investors, and last but not least, make luxury homes more accessible.