Ripple has partnered with ProprHome to simplify the home buying, selling and renting experience. Through this collaboration, ProprHome will use the XRP Ledger to create and distribute NFTs that will represent property ownership.
The real estate company will leverage the speed and reliability of the XRPL to bring greater trust and efficiency to the Portuguese real estate market. ProprHome is launching a robust NFT and real estate literacy program to help new users understand and maximize their experience. With Portugal having Europe’s highest concentration of real estate agents, ProprHome is looking at helping market participants find the best ones by issuing a reputation currency that can be earned for good practices and then redeemed or traded for advertising and additional exposure.
ProprHome took up XRPL as a fast, low-cost, and secure public blockchain because it has proven itself ideally suited to the settlement of NFTs and other tokenized assets at scale. Ripple says NFT transactions on the XRPL close in less than five seconds and cost only a fraction of a penny. It eliminates the need for complex smart contracts. Moreover, the XRPL can handle high transaction volumes, and key NFT functionalities like minting, burning, and trading. These are pre-programmed as native features on the ledger. Plus, it is user-friendly and well-suited to benefit large real estate firms or governments.
Furthermore, Ripple’s ongoing support for utility-based NFTs has enhanced the inherent advantages of the XRPL. The crypto company is looking to foster new NFT use cases through its $250 million Creator Fund. Ripple is excited about the future of functional NFTs.