Niecon, one of the oldest real estate developers in Australia, will tokenise multiple luxury villas worth an approximate A$3m in January 2023.
The properties will be fractionalised, tokenised, and sold off for as little as A$10 a piece in a new strategic partnership with NFT specialist All Set.
Niecon will mint circa 10k NFTs for each villa, with All Set users able to buy a fraction of the properties using their crypto wallets. There will be no upper limit on how many NFTs users can claim.
NFT holders will be able to claim income from rent proportionate to their interest in each unit.
Buyers will be able to sell them or trade their NFTs at anytime without any permissions or approvals. Users can buy an entire villa in NFT form if they choose.
A statement from Niecon said:
"In our endeavour to continuously grow and improve, we are excited to work alongside All Set by Xillion (XIL).
We believe that combining real estate and blockchain is a great opportunity to modernize the industry.
The new generation of real estate buyers differs from the ones that came before. We believe that to serve them adequately, we must continue integrating mindful and relevant innovations in the Niecon ecosystem."