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NFTs in Real Estate: Temporary phase or an enduring fixture?

July 19 2022

Are the crypto world and NFTs sunsetting? Or is what's happening simply a reset shaking out the con artists, scams, and the hyperbole that had run amok?

If you ask Joe Jesuele, he will tell you it's the latter. And Joe knows crypto and NFTs.

Joe is a real estate entrepreneur, a tech innovator, a passionate problem solver, and a remarkably humble leader. Yet, he's purposefully remained an under-the-radar type of guy – until recently.

As the Founder and CEO of HomeJab, the leading on-demand professional real estate photography and video marketplace for real estate pros, Joe is one of the foremost experts on visual real estate content. From standard to 3D video home tours, floorplans, aerial footage, virtual staging, and more – he's remained at the forefront of evangelizing the importance of real estate imagery.

He was an early real estate video pioneer, and his penchant to innovate manifested most recently in the debut of the first NFT platform for real estate images. Powered by HomeJab, Joe created an innovative alternative to stock photo services.

wav nfts phase or fixture

Most importantly, and crypto world enthusiasts will understand this, the platform gives participating professional real estate photographers 96 percent of all sales proceeds – the highest compensation available from a major stock photo platform.

People don't realize that the big stock imaging firms only pay photographers pennies in royalties on their images. The NFT marketplace for professional real estate photography images is now at real.art.

The next phase of NFTs in real estate

Because Joe knows crypto, he can see the forest for the trees. In March, he wrote a blog about real estate photography and the need for NFTs. It's an excellent primer for many real estate pros trying to wrap their heads around this industry.

Most recently, he began another NFT-related effort in real estate. HomeJab launched a novel real estate agent marketing method that uses a real estate-backed NFT to promote the sale of a home.

Unlike many blockchain efforts, Joe isn't trying to displace real estate agents. On the contrary, his approach keeps agents at the center of the transaction – and enhances the need for outstanding professional real estate photography. He's just creating a new way to reach crypto enthusiasts who want to buy a home with crypto.

You can see the first NFT listing at nft.homejab.com.

The cream is rising to the top

The shakeout in the crypto world has not deterred enthusiasts like Joe. On the contrary, what is happening benefits efforts like the ones Joe is undertaking. That's because the NFT-related innovations he is creating offer practical value.

As a pragmatist, Joe is looking for ways that NFTs could be used in real estate to provide real-world benefits.

With his latest effort, for example, he is not trying to change the primary path of how real estate is sold. Instead, through the new HomeJab NFT platform, Joe explains that rather than change the legal ownership of the property, the title is still transferred into the buyer's name by a title company, just like a normal transaction.

"Purchasing the NFT is like sending in an instant offer," Joe explains. "It doesn't change the title; it gives you an option to purchase."

HomeJab sends the funds used for the NFT purchase to a title company, and then the transaction is completed in the usual way – and it also gets recorded on the Ethereum blockchain.

Joe says, "I think it makes sense to do both. It's not feasible right now to remove the government entirely from the transaction (considering current security issues we've seen in crypto). But I also think it does not make sense to rely entirely on the government and solely on the traditional way. Our approach is a step toward decentralization: Not an overhaul of the entire system."

Joe adds that the overarching goal of HomeJab and its NFT platform was to keep the process similar to how it is now.

"We want to add a new way for crypto enthusiasts to use their portfolio to submit quick offers. I think this is the most scalable way to onboard as many real estate professionals and homeowners as possible to the blockchain. Setting up LLCs for each property does not appear to be as practical with large volumes," noting his firm shoots thousands of homes every month.

The one thing Joe wants to make crystal clear is the new NFT platform is a service for real estate agents, not a FSBO site.

"We're promoting NFTs from the photo shoots we complete for the real estate agents that hire us. Therefore, our service becomes a way for the traditional real estate industry to engage with the crypto community. Anyone who hires us for a photo shoot can get a free NFT listing," he added.

Joe sees what he is doing now as a possible bridge to the future.

Finally, it's worth taking a minute to review the "How it Works" section at the bottom of nft.homejab.com and the FAQ page.

Then you can decide for yourself: Is crypto dead? Or is this a Mark Twain moment, and the reports of its death are greatly exaggerated?

Decide where you find yourself on this question, but time will tell.

To view the original article, visit the WAV Group blog.