#84 | Atlanta Home Sold to 670 Owners Through NFTs

Estimated Read Time: 7 minutes

Hey friends,

Great to have you back for today’s edition of Morning NFTea! This week we’ve curated a great lineup of innovative use cases, including Nigeria’s digital currency, tokenized real-estate sales, and NFT ticketing. Let’s jump into it!

Crypto has held its lines recently after a pump had Bitcoin and Ethereum dancing at some new highs on the $29k and $1.8k lines respectively. Despite not much movement over the past week, crypto has refused to give up its recently reclaimed support amidst the continuation of our current banking crisis; as Swiss lender Credit Suisse saw a government bailout and Deutsche Bank’s insurance for bondholders hit a four-year high. Although the current uncertainty with European banking is hot news, these recent signs show crypto could be weathering the storm.

Its become a recurring pattern for the brew-up to cover the latest country adopting its own cryptocurrency. Today, we have news of Nigeria’s digital currency eNaira which has seen a 63% uptake in transactions as the government's cash supply continues to be cut. Nigeria has long struggled with inflation, and last year in one of the efforts to address it the government began a “reduction of cash” to reduce cash hoarding, black market activity, and counterfeiting.

Around the same time in October 2021, the Central Bank of Nigeria (CBN) became one of the first to launch a large-scale Central Bank Digital Currency (CBDC) pilot, the eNaira. Since then, eNaira transactions have reached 22 billion naira ($47.7 million), with more than 13 million e-wallets opened in the past six months alone. By contrast, the amount of cash in circulation has dropped from nearly 3.3 trillion naira ($7.1 billion) in December 2022 to less than 1 trillion naira ($2.1 billion) in February 2023, according to the latest CBN statistics.

The reduction of cash and implementation of a blockchain-based monetary system is argued by the Central Bank of Nigeria Governor as a sustained effort to “bring the informal economy under control and discourage people from circumventing the formal banking system”. The plan is no doubt working with the eNairas increasing adoption and a recent 63% surge in transactions, but the methods could be questionable when in 2021 Nigeria issued a ban on all cryptocurrencies to discourage the adoption of alternative forms of money.

Nigeria’s implementation of a blockchain-based monetary system is a complicated matter with many disliking its use due to the country's reliance on cash with too few merchants and infrastructure available for extensive eNaira use. Either way, they have been an excellent case study for the benefit of cryptocurrencies, and their 63% increase in transactions shows promising signs for the future of blockchain.

One of the interesting uses that Web3 has opened up with NFTs has been tokenization, which is the conversion of physical or virtual assets into digital “parts” of ownership that can be bought and sold. A recent example of this was when we covered the world’s most expensive Pokemon card whose $5 million evaluation was converted into 50 million token NFTs, exemplifying the idea that now “anyone can own anything”. Well, the latest example was the recent sale of an Atlanta property tokenized to 670 unique holders.

In a collaboration between real estate tech startup Roofstock and tokenization start-up RealT, the Atlanta home sold for $214,882 as tokenized NFTs in 722 orders, with an average price of about $298 in ETH. RealT told Blockworks that “RealT acquires properties sourced by Roofstock into C-Corps, which then sell tokenized shares to investors.” He goes on to add that “the property in question can then be bought and sold on various NFT marketplaces, resulting in an instantaneous sale and settlement.”

The opportunity that NFTs have just opened up is pretty revolutionary, it’s a welcomed move for anyone interested in real estate but doesn’t have the capital to buy an entire property, now they can own a fraction of it and sell these NFTs on marketplaces. We have seen Roofstock sell a house as an NFT before to improve the aged real estate workflow, but a property sale through tokenization is just another innovation that Web3 continues to have in our current world.

Coming in with some more real-world news, we have the “Coachella of Europe” — EXIT music festival, two-time winner of the Best European Major Festival award that welcomes over 200,000 people across its four-day event, who are pioneering NFT ticketing.

When it comes to the simple explanation of NFTs being an authenticatable digital item, event ticketing quickly gained ground as an excellent use case after Web2 digital ticketing infrastructure has proved troublesome after cases like France claiming the Champions League final had up to 70% counterfeit tickets. EXIT saw this new Web3 opportunity and last year became the first major music event in the world to sell NFT tickets through a decentralized ticketing platform, in turn winning themselves the UK Festival Innovation Award and being shortlisted for the DISRUPTOR Award at the Ticketing Business Awards. This brings us to the recently announced multi-year partnership with NFT-TiX that will see last year's NFT success continue into the future.

NFT-TiX, built on the Ethereum blockchain, connects ticket sellers and buyers directly, eliminating intermediaries and offering a secure, transparent way to purchase tickets for various events. The partnership between NFT-TiX and EXIT Festival is a leading example of the innovative solutions the ticketing industry needs to meet the demands of today's eventgoers in an ever-increasingly digital world. But its not just benefitting the eventgoers, last year EXIT proved the benefits of this disruptive technology and is committed to carrying it forward with their new partner. “NFT-TiX is a game-changer in the ticketing industry, providing a new level of transparency, convenience, security, and exclusivity for event-goers while empowering event organizers with direct access to their audience”.

Last year we covered America’s biggest ticketing company Ticketmaster creating a new “NFT ticketing tooling” department, and with festivals like EXIT locking in NFT ticketing for many years to come, its easy to imagine a world where everyday use of NFTs become increasingly popular.

Aside from the rapid ascent of Nakamigos, things have been quiet in NFT land these days. That being said, the Second Trip to the Otherside happened this weekend — which attracted over 7,200 participants.

Split into 4 teams, the Voyagers were challenged to collect magic blobs, with the winning team (Glacia) awarded a Winged Helmet item.

Feedback to the Second Trip was mixed — while most Voyagers expressed being impressed by the technology and how it could bridge to mainstream adoption, others remarked that tech aside, the overall adventure was rather boring.

However, that’s not all for Otherside — one more special guest is joining the party…

This isn’t the first time that Gucci has partnered with Yuga Labs — previously, it announced the acceptance of ApeCoin at its retail stores, not to mention a previous ‘Gucci Grail’ collaboration with 10KTF (now owned by Yuga Labs).

Whatever’s in store for the Otherside… at least we can be prepared to show up dressed fashionably!

We hope you enjoyed this edition, have a great couple of days and we will see you soon for the next curation, take care!

Be honest! Your feedback helps us improve!

Connect with us on socials for a more personal experience!

Twitter: @MorningNFTea
Our Team: @BuckyGang | @Wickyy.eth | @subvert
Discord: Morning NFTea

DISCLAIMER:

None of this is financial advice. This newsletter is strictly educational and is not investment advice or a solicitation to buy or sell any assets or to make any financial decisions. Please be careful and do your own research.