What is an NFT?
NFT stands for Non-Fungible Token. It’s a digital certificate created using blockchain technology that is stored online. NFTs represent ownership or proof of authenticity for a unique item or asset.
What makes NFTs special?
Each NFT is one-of-a-kind (non-fungible) and cannot be exchanged on a one-to-one basis like cryptocurrencies. NFTs can represent digital or physical assets such as artwork, music, videos, or even real estate.
How are NFTs created?
NFTs are created (or “minted”) using blockchain technology. Creators upload their digital assets to an NFT platform, which converts them into a token recorded on the blockchain.
What can I do with an NFT once I own it?
When you acquire an NFT, you typically gain ownership of the digital asset it represents. Depending on the creator’s terms, you may have the right to display, share, or resell the asset. For NFTs tied to real estate, ownership transfer is managed by a title company to ensure proper documentation and compliance with public records.
Can anyone access my NFT?
No. Access to your NFT is controlled through permissions. Tools like NFTVault can help manage and secure these permissions.
How is the cloud different from an NFT?
The cloud is a network of servers used for computing and data storage. An NFT, on the other hand, is a token that exists on a blockchain. While the data associated with an NFT may be stored in the cloud, the NFT itself represents ownership or rights to that data.
If I sell my house, do I have to return the NFT? Do I still have access to the information?
No, the NFT is transferred to the new owner using blockchain technology. Once the sale is completed, you will no longer have access to the NFT unless granted permission by the new owner.
Can I hold custody of my NFT myself?
Typically, the NFT is custodied by a service provider to ensure it remains accessible and secure.
As a buyer, can I add documents like a roof warranty to the NFT, or is it view-only?
NFTs can be updated. To add documents, you would need to send them to the service provider, who will verify and amend the NFT to maintain its integrity on the blockchain.
If I refinance my home with a different company, will I lose access to the NFT?
No, refinancing does not affect ownership of the NFT. Any new loan information can be added to the NFT to update the record.
How do I access my NFT?
Access is provided through permissions managed by the service provider, ensuring secure and controlled availability.
How does this benefit me as a REALTOR®?
Consumers, especially in innovative regions like the Pacific Northwest, are increasingly drawn to professionals who embrace cutting-edge technology. Offering NFT-based services can differentiate you and attract tech-savvy clients.
What if I am having technical or billing issues?
If you encounter technical or billing issues, please open a support ticket at support.ubitquityx.com.