- Pupil, the global geospatial company and AI pioneer, has launched a new class of NFT for “phygital” real estate through hyper-precise digitization of real-world spaces
- The AI guide has uncovered a sizable pipeline of buyers for both residential and commercial properties
- Student’s current order book for NFTs represents approximately $500,000 in revenue with a total revenue opportunity of over $70 million this year alone
- This is the first time digitizations of real estate have been sold as NFTs, providing the first concrete evidence that a broader market exists for these assets, confirming their value and potential to revolutionize how we interact with real estate digitally
Pupil, the geospatial company that uses AI to create highly accurate digital twins of physical properties, has successfully launched a new class of Non-Fungible Tokens (NFT) by completing the world’s first sale of verified digital representations of physical properties. This is the first time in the world that verified documentation of a physical property has been sold in the form of an NFT, creating a new market that brings together physical and digital or “phygital” real estate. The unique offering provides property owners with a new opportunity to acquire a verified, accurate digital representation and record of their ownership through an NFT. For each NFT purchased, a bespoke artwork is created in the form of a unique QR code that can be displayed in the physical property. The QR code provides access to digitized property.
Today, March 21, 2022, Pupil confirmed the sale of tens of thousands of dollars worth of NFTs through the OpenSea marketplace. These include the company’s residential property mapping product, Spec, which has sold residential NFTs to a number of buyers. The first UK sale was to real estate agent and homeowner of Chestertons in London, Charlie Syson, who now owns his verified ‘phygital’ property NFT. Other sales range from villa and apartment owners in Dubai to a single family home in the Hamptons, Long Island, USA. At the same time, Stak, Pupil’s commercial property equivalent, has mapped a complete portfolio for a leading UK commercial property company. Again, both Spec and Stak outputs are guaranteed and assured to be 99% accurate by their respective verified brands.
Aside from being a speculative or theoretical investment for niche collectors, Pupil’s sales pipeline for phygital real estate NFTs already includes hundreds of thousands of dollars worth of orders, proving that these assets have a much broader market than collectors of NFTs. Art or trophy assets for the super rich.
To date, Pupil has sold NFTs in all geographic markets in which it operates, including Europe, the Middle East and North America. Interest is coming from individual homeowners of all income brackets, as well as some of the world’s largest developers and commercial real estate companies. This growing market suggests that consumer appetites for new ways to digitally interact with physical real estate through NFTs are growing rapidly.
Significantly, NFTs can play a key role in revolutionizing the way we interact with real estate. For example, NFTs will be essential to facilitate the trading of verified digital representations of physical property in the Metaverse. These digital assets could also facilitate blockchain transactions for physical real estate, speeding up the entire buying process by using verified real estate records to underpin transactions.
The student is in discussions with land administrations and regulatory agencies around the world to include the verified NFT floorplans in compliance documents to be added to the records of a regulatory-approved property.
Future Pupil NFTs will include 3D digital twins backed by accurate measurements that will allow for a more comprehensive digital exploration of the physical property through the purchase of the token, as well as owning a digital version of a physical property that is guaranteed to be accurate. The launch of this trademarked “Home in Your Pocket” concept will fundamentally change the way people interact with real estate, the industry that holds two-thirds of global wealth.
James D. Marshall, Founder and CEO of Pupil said: “No one else in the world can create a spec or stak verified NFT of a physical property. We are able to provide our clients with a unique offering, combining the physical and digital elements of real estate to give them the opportunity to own an NFT that is verified for accuracy and authenticity. Coupled with our truly game-changing Home in Your Pocket, we are changing the real estate landscape globally and adding a new dimension to a $327 trillion market. Our sales mark a significant step towards the digitization of the built world, a process that could transform how we interact with real estate. Transactions using a verified NFT of a physical property over blockchain could prevent fraud, increase accuracy and save significant time and stress when buying and selling real estate, while exploring ways we could use NFTs to trade exact digital replicas of and The real online spaces to explore are endless.”
Oliver Breach, Founder and Chairman of Pupil said: “We serve the ever-growing demand from homeowners to the largest global wealth managers to acquire a Spec or Stak Verified NFT for the properties they own. This market is much larger and more diverse than many realize. That’s why Pupil continues to invest in the development of this transformative new product. Our technology facilitates the transition to a reality where the real-world spaces we know and love can be digitally replicated with verified accuracy. This, in turn, brings us one step closer to groundbreaking applications of this technology, including trading or renting a hyper-accurate digital version of your property and the ability to trade physical assets securely and instantly via blockchain on a much larger scale.”
Pupil combines proprietary AI and industrial-grade LiDAR scanning hardware to capture millions of measurement points and document one physical property. This hyper-accurate data (forming a point cloud as seen in the latest James Bond film) is processed by AI to create the floor plan/digital twin and then converted into an NFT. This provides the perfect entry point into the NFT market for those less familiar with blockchain and cryptocurrency businesses, but also meets high demand from experienced NFT and digital real estate investors.
Founded by James D. Marshall and Oliver Breach, Pupil has developed next-generation technologies through a $45 million investment and five-year R&D program. With its Spec and Stak products, Pupil captures residential and commercial properties and creates digital twins of the spaces. Spec Verified and Stak Verified, its registered trademarks, add an important layer of verification that underpins the floorplans and NFTs it produces. Through Spec, Pupil has digitized over 40,000 residential properties valued at over $40 billion in London alone.
Pupil’s technology sets new standards for property measurement accuracy worldwide. With support from the UK government agency Innovate UK, Pupil has developed breakthrough AI and proprietary software to deliver a growing range of verified geospatial products to a global audience.
Pupil targets four initial key cities. Founded in London, it has expanded to Dubai and New York, with a planned Singapore launch in March 2022. This is followed by global expansion into an additional 64 cities to deliver Pupil’s technology-driven products to the world’s most influential real estate markets.
London homeowner Charlie Syson becomes the first UK buyer of a verified ‘phygital’ property NFT
Charlie Syson from London has acquired a digital representation of his one bedroom flat in Battersea in the form of a Spec Verified NFT. The purchase makes him the first UK homeowner to purchase one of these NFTs and the first group of global homeowners and commercial property investors to own this new class of NFT.
The transaction gives Charlie access to a unique NFT record of his home and provides a 99% accurate digital blueprint representation of the property. Alongside the NFT, Charlie will receive a unique QR code artwork that can be scanned to view the property’s digitized plans in NFT format.
Charlie said: “This new NFT class offers a unique record of my home and an accurate digital representation of the home that is far more durable and secure than paper documents. It’s a really exciting digital asset for someone who loves real estate and NFT artwork, but it’s a lot more valuable and practical than that. I think as technology advances, we’re going to be a lot more likely to buy and sell things through blockchain and online exchanges, both with cryptocurrency as well as with traditional money. This applies to all sales, including real estate. These NFTs are becoming incredibly valuable due to their ability to facilitate faster and safer online sales and purchases. And as the metaverse evolves, there are so many ways this type of NFT could allow me to explore, share, and trade the digital twin of my property. It’s exciting to be at the forefront of a trend that I believe will transform the way we all engage with real estate, both physically and digitally.”
https://techround.co.uk/news/pupil-sells-first-verified-nfts-of-digitised-real-world-properties/?utm_source=rss&utm_medium=rss&utm_campaign=pupil-sells-first-verified-nfts-of-digitised-real-world-properties AI pioneer student sells the first-ever verified NFTs of digitized real-world properties