First ever commercial real estate title in Utah minted as an NFT
Salt Lake City — Future House Studios, a Utah Virtual Reality, and Metaverse company has shown its commitment to the future of blockchain technology by minting its office deed as an NFT, the first time an office building has been put on blockchain and the first time using a new legal model that promises to allow real property to remain and transact indefinitely on blockchains with substantially reduced transaction costs.
Those in the space know that blockchain innovation is coming to real estate. Several residential properties have transacted on the blockchain in the previous two years. However, obstacles have remained. These previous models have required the use of a legal entity, such as a limited liability company, to hold title to real estate. This required owners to pay annual upkeep or franchise tax, which commonly produced unwanted tax consequences to the owners and limited title insurability.
A group of Harvard-trained attorneys and blockchain software engineers created TruMint to make the legal sale of real estate effectively as simple as the transfer of any other NFT, with additional security measures, and in such a way that all real estate purchase requirements are satisfied in all 50 states. William Barlow, a crypto attorney and co-founder of TruMint stated, “We have created a legal lockbox that effectively puts real-world title into cold storage that then allows a NFT “digital deed” to transact indefinitely on-chain. At any point, the NFT holder can retrieve the real-world title by returning the NFT “key” to the lockbox.” This method will substantially reduce the cost and hassle of the sale and purchase of real estate. It is as simple as e-signing transfer documents and then transferring the NFT from wallet to wallet.
This step is just an extension of what Future House Studios was already doing to show commitment to blockchain technology. Future House Studios founder, Adam Sidwell, explained “in the near future, our office will exist as a 3D world where remote team members from LA to NY to Brazil and across the world can come to collaborate and work with the on-site, in-office team members in a metaverse. We truly are a studio built in the metaverse. As an extension of that commitment, we worked with TruMint to mint title to our company’s office in an NFT that we hold in a wallet and can transfer on the blockchain.”
Ephraim Olson, a tax and crypto attorney in Utah and co-founder of TruMint stated: “We are excited to be working with Future House Studios to creatively harness blockchain technology to simplify the sale and purchase of real estate. Our companies both believe in this technology and that it will be the future of real estate transactions. We believe the solution we have developed will revolutionize how real estate transacts and will potentially allow ownership of any real-world asset to be recorded on a public blockchain and then transferred, bought, and sold indefinitely, with greater efficiency and lower cost.”
Future House Studios
Future House Studios is an award-winning Metaverse creation company. The studio has assembled a team of artists and engineers from the top film, game, and VR studios that include IndustrialLight + Magic, Weta, Disney, Epic Games, Microsoft, Activision-Blizzard, Electronic Arts, Digital Domain, Within, and more. Future House team members have vast experience creating blockbuster movies, AAA games, virtual entertainment, premiere VR and AR experiences, hit television series and commercials, and even virtual concerts for Sonic the Hedgehog and Steve Aoki, Kaskade, and supported Wave on the Justin Bieber, Weeknd, and Teflon Sega virtual concerts. Future House has also created Metaverses for George W. Bush and George Clooney. Anyone interested in learning more about Future House Studios should contact Adam Sidwell at [email protected].
TruMint is a blockchain technology company at the forefront of moving real estate and real estate transactions onto blockchain in a sustainable and permanent way. Anyone interested in exploring deployment of real property onto blockchain or better understanding the technology should contact the team at TruMint at [email protected].