Villator’s blockchain and NFT plan to speed up property sales

Tod Walker, 22, is hoping to cash in with the launch of Villator – a UK-based technology company that he says will digitise property ownership and revolutionise transaction speeds through blockchain.

The start-up, Villator, will work by using on online marketplace to list a digital asset, or NFT (non-fungible token), which is attached to a limited company, which has been set up for the sole purpose of the property transaction.

The property, which can be commercial or residential, would be owned by the limited company.

CRYPTOCURRENCY

The buyer would buy the digital asset using a crypto currency to become the new owner of the limited company.

The previous owner of the limited company would then transfer the ownership of the firm to the buyer and hand over all of the assets – including the property.

Currently the way it is set up means mortgage or finance options are not available but it could be an alternative for property developers and cash buyers who want to slash the time it takes to complete a transaction using traditional means.

Through blockchain every stage of a transaction – including offers made – will be documented, which Walker hopes will eliminate buyers being ripped off.

With an estate agency there is a lot of back-and-forth.”

Walker (main picture) says: “When you go down the traditional route with an estate agency, there is a lot of back-and-forth with phone calls being made every time an offer is made, declined, accepted etc.

“Often buyers are put under pressure to make a higher offer, with estate agents telling them about counter offers that sometimes don’t even exist. Not only this, but the estate agencies will take a cut of the sale, which will bring the value of the transaction as a whole up.

“The way this new process works will mean that the buyer has full transparency on each offer, everything is documented and wholesaling real estate will be eliminated.”

HOPES

While this process has already been brought to US markets, Walker has high hopes for Villator in the UK.

He adds: “NFTs and digital assets get a bad rap, because ultimately people are paying lots of money for something they can’t hold in their hand, and a lot of people struggle to get their heads around that.

“So why not introduce something to the market that fuses the virtual and physical worlds and allow people to use something that otherwise serves no real purpose to purchase something tangible that they can live in, build upon, rent out, or do whatever else they wish with?”

Villator is in the pre-launch stages and is currently seeking to raise investment of £500,000, which will be spent towards developing a blockchain-based property marketplace along with smart contracts linking to a straightforward user interface that will streamline the process.