Non-Fungible Title FAQ

What is an NFT?

  1. NFT stands for Non-Fungible Token. It’s a digital certificate  created using Web3 technology that is stored in the cloud. NFT’s represent ownership or proof of authenticity.

  2. What makes NFTs special?

    • Each NFT is unique (Non-Fungible) and cannot be replicated or exchanged on a one-to-one basis like cryptocurrencies. NFT’s can represent various digital or physical assets such as digital art, music, videos, or  real estate.

  3. How are NFTs created?

    • NFTs are  created using Web3 blockchain technology. Creators mint NFTs by  Using their digital assets to create the token  on an NFT platform which are then recorded on the blockchain.

  4. What can I do with an NFT after I own it?

    • After acquiring an NFT, you typically own the digital asset it represents. Depending on the terms set by the creator, you may have the right to display, share, or resell the asset. In the case of a non-fungible title, transfer is restricted and controlled by the title company to allow for examination, insurance and proper transfer of the public record as well as the NFT.

  5. Can anyone access the NFT?

    • No. Access must be granted via permissions. NFTVault grants such permission.

 

    6. What’s the difference between the cloud and a NFT? 

  • The cloud is a global network of remote servers that is used for computing and data storage. An NFT is a cryptographic token that exists on a blockchain that represents ownership refers to the digital files that are stored in the cloud. 

  1. As a seller do I have to return the token when I sell the house, do I still have access to the information once house is sold?

    • No. The NFT is transferred via Web3 technology to the new owner.

 

Can I hold onto (custody) my NFT on my own? 

No. We will custody the NFT on your behalf to ensure that access to it does not get lost. 

  1. As a buyer can I upload anything to NFT like roof warranty etc.. or is it view only. If something needs to be added do they reach out to us? 

    • NFT’s can be updated. To do so the update must be sent to us to verify and then we amend the NFT  in order to keep the chain intact and true

  2. If home is refinanced and not closed with Rainier do owners still have access to NFT, or will the file get “burned”?

    • A refinance would not change the ownership. The new loan can be added to the NFT to update the record.

  3. How do I access my NFT?

    • Via access granted by us for control.

    • How will this bring me more business as a REALTOR®?

      • It has been our experience that consumers, in and especially in areas like the Pacific Northwest (PNW), prefer to work with brokers that are aligned with the most state of the art companies.