Metrovacesa reserves real homes through NFTs in the Malaga Towers development worth 2.2 million euros

21 July, 2022 · 2 mins reading time

Metrovacesa issued NFTs (non fungible tokens), representing the option to purchase homes worth 27.4 million euros, converting them into real reserves worth over two million euros.
The project was launched at an event with Malaga entrepreneurs who could purchase their NFTs of exclusive homes, selected from the Málaga Towers Living, Vision and Residencial Halia developments.
The NFTs could be purchased from the Decentraland metaverse where Metrovacesa and Datacasas Proptech have their virtual sales office.

Madrid, 21 July 2022. Metrovacesa, a leading real estate developer in Spain with more than 100 years of history, has issued NFTs (non fungible tokens) for a total value of 27.4 million euros, to market exclusively and for a limited time, a selection of 14 homes from the Málaga Towers Living, Vision and Residencial Halia projects. As a result of the project, Metrovacesa has closed reservations for real homes worth 2.2 million euros represented by NFTs in the Málaga Towers Vision development.

Last February, the company, in alliance with Datacasas Proptech, became the first Spanish developer to access the metaverse by selling its real properties. This new project consisted of issuing NFTs (non-fungible tokens) for each selected property, each NFT had associated attributes that described its characteristics (m2, price, type, etc.) and made them unique digital assets.

The developments and their properties were presented at an event held with entrepreneurs in Malaga. The entrepreneurs could pre-reserve their property in the Decentraland metaverse with the advice of the Metrovacesa sales team, receiving in exchange an NFT (non-fungible token), which represented the option to purchase the selected property during the following 7 days, during which the client could formalise the reservation.

Carmen Chicharro, Commercial, Marketing and Innovation Director of Metrovacesa, highlighted that “Our goal is to continue experimenting and validating Blockchain technology (NFTs, smart contracts) and the metaverse as a new channel or facilitator in the process of selling a home, both to digital natives or more traditional customers in a phygital environment, as has been the case with this project. The NFT market has grown exponentially in recent years, we believe that we must continue to explore applications in the value chain of real estate investment”.

Metrovacesa began developing Blockchain projects four years ago, specifically: tokenisation of assets, traceability of milestones in the development process, integration of technology with BIM, certification of its DOMUM sustainable commitment and tokenisation of a participative loan. These experiences put the developer in a strong position to understand the technology underpinning the metaverse and capitalise on it.