The first physical property was sold in Nicaragua as NFT
A few days ago, we read with great satisfaction the news of the first property in Nicaragua to be sold as NFT.
Thanks to the Alejandro Arana, who represents the Blockchain Community in Nicaragua, we managed to arrange an interview with Patrick Hiebert, CEO of MAVEN NFT, the company that made this sale possible.
This real estate NFT sale represents several important milestones. This is the first property sale in Latin America, as an NFT, through the ownership of an LLC (limited liability company), and it is also the first NFT property sale to include financing, with each mortgage payment represented as a single NFT.
A non-fungible token (NFT) is a unique smart contract, stored on a blockchain, making it extremely secure yet quick and easy to transfer.
When asked about the legal implications that this transaction entails in terms of inscription and registration before the corresponding authorities in Nicaragua, Hiebert explains that this real estate located on the Pacific beaches of Nicaragua is owned by a company in Belize, so the transfer that is made corresponds to the shares of the company and not to the property itself. In theory, the property remains with the same owner, which is the company XXX LLC, but its shareholders change. Therefore, it is not necessary to register or to pay transmission taxes.
Hiebert tells us that in the future this same transaction could be done in a different way, including public entities that could have their digital wallet and receive their percentage of taxes in the same transaction. But Hiebert goes further and tells us that even in the Metaverse there could be a public registry office, a tax Office, etc. and we, with our avatars could go to those virtual offices and pay the corresponding taxes in cryptocurrencies.
MAVEN NFT has as its goal to make possible that any property anywhere in the world to be sold as NFT and pay with BITCOIN.
Hiebert also emphasized: “The benefits of selling real estate as NFTs are huge. The purchase is instant, there is no need to safeguard the funds and the associated costs are very low. It is a totally transparent process, buying and selling real estate as an NFT significantly reduces any uncertainty that people unfamiliar with buying properties in Latin America may have.”
For “Bitcoiners” it is a good way to diversify their crypto earnings into a stable assets like real estate.
MAVEN offers this service at a fraction of the cost of a traditional property sale process and neither the buyer nor the seller is required to have a bank account involved. The NFT for sale, which represents contractual ownership of the property (via an LLC), is held in a MAVEN wallet, and with a single click, the buyer receives the NFT and the seller receives the funds, both simultaneously.
It is important to mention that these transactions are carried out through the liquid network based on Bitcoin, guaranteeing that the payment is safe through the method of proof of work of Bitcoin, which contributes to the follow-up and transaction verification.
This is an excellent example of the use of Smart Contracts, NFTs, wallets and BITCOIN payments, all in one operation!
Patrick Hiebert is a great promoter of the benefits of decentralized finance, which has led him to meet with heads of state and important leaders of the Blockchain ecosystem in the Central American region.
This company is undoubtedly a regional reference on the different uses that can be given to blockchain technology and especially to NFTs backed by real estate.
Although some see crypto as a way to avoid taxes, Hiebert sees this as an ecosystem that can benefit governments with more and better ways to collect taxes.
As we can see, what at some point seemed to be fiction is now a reality, A few days ago, we read with great satisfaction the news of the first property in Nicaragua to be sold as NFT.
Thanks to the management of Alejandro Arana, representative of the Blockchain Community in Nicaragua, we managed to arrange an interview with Patrick Hiebert, CEO of MAVEN NFT, the company that made this sale possible.
This NFT real estate sale represents several important milestones. This is the first property sale in Latin America, as an NFT, through the ownership of an LLC (limited liability company), and it is also the first NFT property sale to include financing, with each mortgage payment represented as a single NFT.
A non-fungible token (NFT) is a unique smart contract, stored on a blockchain, making it extremely secure yet quick and easy to transfer.
When asked about the legal implications that this transaction entails in terms of inscription and registration before the corresponding authorities in Nicaragua, Hiebert explains that this real estate located on the Pacific beaches of Nicaragua is owned by a company in Belize, so the The transfer that is made corresponds to the shares of the company and not to the property itself. In theory, the property remains with the same owner, which is the company XXX LLC, but its partners change. Therefore, it is not necessary to register before the registry or pay transmission taxes.
Hiebert tells us that in the future this same transaction could be done in a different way, including public entities that could have their digital wallet and receive their percentage of taxes in the same transaction. But Hiebert goes further and tells us that even in the Metaverse there could be a public registry office, an office of the General Directorate of Revenue, etc. and we with our avatars could go to those virtual offices and pay the corresponding taxes in cryptocurrencies.
MAVEN NFT has as its goal that any property anywhere in the world be sold as NFT and paid for with BITCOIN.
Hiebert also emphasized: “The benefits of selling real estate as NFTs are huge. The purchase is instant, there is no need to safeguard the funds and the associated costs are very low. It is a totally transparent process, buying and selling real estate as an NFT significantly reduces any uncertainty that people unfamiliar with buying property in Latin America may have.”
For “Bitcoiners” it is a good way to diversify their crypto earnings into a stable asset like real estate.
MAVEN offers this service at a fraction of the cost of a traditional property sale process and neither the buyer nor the seller is required to have a bank account involved. The NFT for sale, which represents contractual ownership of the property (via an LLC), is held in a MAVEN wallet, and with a single click, the buyer receives the NFT and the seller receives the funds, both simultaneously.
It is important to mention that these transactions are carried out through the liquid network (liquid network) based on Bitcoin, guaranteeing that the payment is safe through the method of proof of work of Bitcoin (Bitcoin's proof-of-work) which contributes to the follow-up and transaction verification.
This is an excellent example of the use of Smart Contracts, NFTs, wallets and BITCOIN payments, all in one operation!
Patrick Hiebert is a great promoter of the benefits of decentralized finance, which has led him to meet with heads of state and important leaders of the Blockchain ecosystem in the Central American region.
This company is undoubtedly a benchmark at the regional level on the different uses that can be given to blockchain technology and especially to NFTs backed by real estate.
Although some see crypto as a way to avoid taxes, Hiebert sees this as an ecosystem that can benefit governments with more and better ways to collect taxes.
As you can see, what at some point seemed to be fiction is now a reality, and it is so much so that governments are already concerned about regulating this incipient but thriving sector.
Carlos Romero
