Today on March 13, Cardano sell its first-ever NFT representing a real land property through its asset page via GoKey Network.
The GoKey Network tweeted this morning informing about the real property ownership of Cardano’s first NFT land. The warranty deed holds an address of Tulsa County in the State of Oklahoma, US. Also, the digital asset is immutable and speaks for legal ownership rights for the owner, and describe as real property.
GoKey Networks is a solution-based service for owners and renters in real estate having the ability to store, sell, transfer equity and liquidity for its customers. Moreover, it fights against a major problem rooting in the United States in the real estate property segment which provides a $485 billion business annually.
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Further, GoKey Network is built on Cardano’s blockchain and smart contract technology designed to empower sellers to ‘be their own bank’. The smart contracts allow the family and renters to avoid middlemen and untrustworthy agencies to buy real property wealth. The Cardano build token $GOKEY is designed to adjust the total token supply proportional to the US housing cost index. Therefore, it helps the buyers and renters to pay their rents through the GOKEY token holding the value of property assets.
However, the big problem lies for the people who do not enjoy the right to homeownership in the country. Several driving forces behind the situation include monetary policies, stagnant income growth, the millennial young generation stuck in rental cycles, and many more. Also, the housing costs in the United States have increased by 99% since 2011 whereas the household income is up only 17%.