Fancy owning a Bali villa? There’s now an NFT for that
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A Bali-based blockchain project is working on tokenising real-world assets, starting with a jungle villa on the island paradise.
Ekta on Friday is launching a fractional NFT token (F-NFT) that represents fractional ownership in villa 10 of the K-Club Ubud, a complex of 30 luxury full-service villas that opened just before the pandemic hit.
The “Petals” tokens will be bought and sold through the newly launched Petals NFT Marketplace, with tokenholders earning dividends through rental and tourism income.
Token owners would also reap rewards of any property price appreciation, as well as stay in the villa for a number of nights each year based on their ownership share.
The complex features an organic restaurant, a spa and fitness and yoga studios in a pool club overlooking the jungle.
Construction on the villas began in early 2019 and while 2020 was “very challenging”, a new clientele of digital nomads emerged during the pandemic, K-Club’s website says.
The villa management company will handle renting out the villa and its maintenance, an Ekta spokesman said.
“This not only opens a new way for participants to build a portfolio of fractional property ownership, but it also represents a novel way for homeowners to free-up equity in real estate which may not be used for the entirety of the year,” said Ekta co-founder and chief executive Berwin Tanco in a news release.
“At Ekta, we believe that everyone, regardless of their social or financial situation, should be able to own a piece of paradise and enjoy its benefits.
“Reducing barriers to entry through fractional real-estate ownership — powered by the Petals NFT Marketplace — is a blissfully simple, inexpensive, and powerful way to do this.”
Ekta is first working to tokenise Bali villas, but has plans to eventually use the platform to tokenise land and real estate property all over the world.
Use cases could range from a portion of trees in a virgin forest for carbon offsetting and environmental protection to the right to use yachts and other luxury vehicles, the company said.
Ekta has its own Binance Smart Chain ecosystem token, EKTA, which is traded on PancakeSwap. EKTA can be used to buy and sell Petals NFTs at a discount compared to buying them with stablecoins.
The token was listed as the No. 3704 coin on Coinmarketcap on Monday. Ekta has a cross-chain mainnet that launched earlier this month.