The NFTitle Plant add-on (powered by the $UBQT Utility Token) will act as an incentivization mechanism for the title plants to put their data onto standardized blockchain ledgers XPR Network via the NFTitle™ Network. By contributing and validating property data (maintained property records, categorized by both the legal description of the land and by name-indexes) that is rewarded with tokens, the tokens shall be redeemed in parallel to access property data, the plants have an immediate market to exchange their tokens for cash or cryptocurrencies.
Using NFTitle Plant, title plants will democratize their title plant data, and continue generating revenue by traditional means and simultaneously through selling their tokens to title companies or other entities that need to access property data. NFTitle Plant is by no means an attempt to replace traditional title plants, which are required by law to exist in several U.S. states. Instead, our goal is to help title plants become innovative and improve upon antiquated processes.
Title companies, with the help of us (Ubitquity), will be able to create their tokens as a part of the UBITQUITY $UBQT ecosystem and earn their token by writing new real estate transaction data directly to the blockchain, minting NFTs, and storing data via IPFS. Furthermore, a revenue-sharing model will be created to help further incentivize title plants that host IPFS nodes/validate new data, and by NFTitle™ hosting validator nodes then offering revenue sharing.