In accordance with established "Web2 real-estate procedures," prospective purchasers are required to acquire a real estate asset and designate it as a singular-purpose limited liability company (LLC). The primary function of this LLC is to serve as the custodian of property title. The integration of Web3 technology, expertly managed by NFTitle, NFT My Home™ facilitates the creation of a Non-Fungible Token (NFT) that is intrinsically linked to the exclusive ownership of the aforementioned LLC. When individuals engage in the transaction of this NFT within designated marketplaces, including NFTitle's Emporium or OpenSea, where our Application Programming Interface (API) is seamlessly integrated, the fundamental transfer entails a change in ownership of the underlying LLC.
All pertinent documentation related to the property, encompassing maintenance records for essential fixtures such as water heaters, air conditioning systems, and other permanent appliances retained upon property sale, undergoes a meticulous and secure minting process within the NFTitle framework. This process includes the generation of a blockchain-recorded cryptographic hash, the establishment of a Digital Rights Management Key (DRM), and the encryption and storage of data within a peer-to-peer (P2P) network, specifically IPFS/Filecoin. Moreover, an automatic backup of these records is consistently maintained within the Google Cloud Platform (GCP) for enhanced data security and accessibility.
NFTitle exclusively manages all Know Your Customer (KYC) processes. Following successful verification, the buyer's membership token, a non-transferrable entity often referred to as "soulbound," meticulously denotes their verified status. This NFT is inherently linked with a single-member Limited Liability Company (LLC) under member-managed governance.
The possessor of this token assumes responsibility for determining the fate of the property, including decisions such as short-term or long-term rentals, each of which carries distinct economic implications.
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