Salt Lake City – Future House Studios, a Utah virtual reality and Metaverse company, showed its commitment to the future of blockchain technology by hitting its office act as NFT, the first time a building office space was put on blockchain and the first time using a new legal model that promises to allow real estate to remain and transact on blockchains indefinitely with dramatically reduced transaction costs.
Those in the space know that blockchain innovation is coming to real estate. Several residential properties have transacted on the blockchain over the past two years. However, obstacles remained. These previous models required the use of a legal entity, such as a limited liability company, to hold title to the property. This required owners to pay an annual maintenance or franchise tax, which generally produced undesirable tax consequences for owners and limited the insurability of titles.
A group of Harvard-trained blockchain lawyers and software engineers created TruMint to make the legal sale of real estate as easy as transferring any other NFT, with added security measures, and in a way that all real estate purchase requirements are met. in all 50 states. William Barlow, a cryptography lawyer and co-founder of TruMint, said: “We have created a legal vault that effectively places real-world title in cold storage which then allows a ‘digital deed’ NFT to transact on-chain indefinitely. At any time, the NFT holder can retrieve the real-world title by returning the NFT “key” to the vault. This method will significantly reduce the cost and hassle of selling and buying real estate. It’s as simple as electronically signing transfer documents and then transferring the NFT from one wallet to another.
This step is just an extension of what Future House Studios was already doing to show its 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 around the world can come to collaborate and work with the site, en -members of the office team in a metaverse. We are truly a studio built in the metaverse. As an extension of this commitment, we have worked with TruMint to mint our company’s office title in an NFT that we hold in a wallet and can transfer to the blockchain.
Ephraim Olson, Utah tax and crypto attorney and co-founder of TruMint, said, “We are excited to be working with Future House Studios to creatively leverage blockchain technology to make it easier to sell and buy goods. 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 the way real estate transactions are conducted and 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 at lower cost.
Studios of the future house
Future House Studios is an award-winning Metaverse creative company. The studio has assembled a team of artists and engineers from top film, game, and VR studios including IndustrialLight+Magic, Weta, Disney, Epic Games, Microsoft, Activision-Blizzard, Electronic Arts, Digital Domain, Within, etc. Future House team members have extensive experience creating blockbuster movies, AAA games, virtual entertainment, virtual reality and augmented reality experiences, hit TV 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 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 to blockchain in a sustainable and permanent way. Anyone interested in exploring real estate deployment on the blockchain or better understanding the technology should contact the TruMint team at [email protected]