Contributors: Jim Williams, Mahmudul Rapi, Rafay Khan, Uzair Malik
(Scroll down to Abstract for write-up/more information)
In the project directory, you can run:
Runs the app in the development mode.
Open http://localhost:3000 to view it in the browser.
The page will reload if you make edits.
You will also see any lint errors in the console.
Flow Estate is a decentralized marketplace for fractional ownership of properties, enabling users to buy, sell, and invest in real estate properties. It features smart contracts (NFTs Token) for transparent and automated transactions. Future applications will be available on mobile devices and incentives for brokers through royalty fees.
Establish a decentralized marketplace for fractional ownership of properties, enabling users to buy, sell, and invest in real estate properties
- Enable the buying, selling, and investing of property
- Implement smart contracts to make transactions transparent and automated
- Integrate identity verification and compliance measures for regulatory adherence
The real estate marketplace has historically been centralized, leading to several problems. Firstly, it is inaccessible to the common person, often narrowing in on a narrower demographic segment. Because of high financial barriers to entry, it can often be a daunting task to invest. Secondly, there are high fees associated with hiring brokers and agents. Third, it often is inefficient leading to slower processes due to paperwork, permissions, and various other legal obstacles. Lastly, centralized real estate is often bureaucratic, requiring executive approvals, thus hurting the free flowing nature of transactions.
With the introduction of Flow Estate, many of the cons associated with centralized real estate are addressed. Flow Estate is a dApp developed by Princeton engineers. The goals include an established decentralized real estate marketplace, allowing for much more streamlined transactions and liquidity. Secondly, Flow Estate utilizes the security features of blockchain to allow for secure transactions. And lastly, Flow Estate provides more accessibility to the real estate market regardless of socioeconomic background or location. For example, buying a property via Flow Estate in a remote part of South Africa would be much more efficient than using traditional centralized platforms.
The current version of Flow Estate is a decentralized real estate marketplace that features the following:
- User-friendly React.js decentralized application (dApp) for real estate transactions
- Implemented using Flow tokens (Testnet) and Cadence smart contract backend
- Established a decentralized marketplace for fractional ownership of properties
- Implemented smart contracts for transparent and automated transactions
- Integrated identity verification and compliance measures for regulatory adherence
- Enables users to buy, sell, and invest in real estate properties seamlessly
- User interface includes the following:
- Profile page
- Minting new token
- Search and view other properties
A key feature of Flow Estate is fractional ownership. Imagine you want to buy a million dollar home. This can be a risky and unaffordable endeavor for many. With Flow Estate, you can now split the costs amongst fellow investors or friends, making the property much more affordable for the common person. This allows all parties to share the appreciation benefits and profits that come along with real estate investments. The idea of making real estate NFTs fractionalized allows for investors to purchase and trade fractional ownership shares of properties seamlessly!
Other features include QR-Code and Zillow API (Zestimate) integrations. The benefit of the QR-code feature lies in the convenience it provides to users, as they simply use their phones to scan a property of interest, giving them instant access to the tokenized listing. The Zestimate feature offers a USD baseline property valuation.
For a visual representation of Flow Estate’s platform, please view the demo.
Flow Estate has innovative business goals for the near future. It plans to enter a Timeshare market, in which the standard fractional ownership is migrated to the time-based scheme. This would especially be useful for vacation rental applications. Secondly, Flow Estate envisions a mobile app to promote engagement. The app will follow a social media-fied approach, in which users can “like”, message, and share properties of interest with fellow investors. Additionally, it would feature a “explore page” which can be catered towards a potential investor’s preferences and needs. Lastly, Flow Estate plans to integrate with larger corporations such as AirBnB. This would allow for additional features such as rent-based credits and discounts.