For the first time in history using the Bitcoin layer 2 blockchain Liquid, the MAVEN NFT Marketplace, Real Estate Division, recently completed a property sale as an NFT (Non-Fungible Token) in Central America.
PANAMA, May 18, 2022 /24-7PressRelease/ — This NFT property sale represents several other firsts. It is the first sale of a Latin American property, as an NFT, via ownership in an LLC (Limited Liability Company), and it also is the first NFT property sale to include financing, with each mortgage payment being represented as an individual NFT as well.
A Non-Fungible Token is simply a unique smart contract, stored on a blockchain making it extremely secure yet fast and easy to transfer its ownership.
The first Liquid Bitcoin NFT property sale was a humble beachfront condominium unit in the unassuming country of Nicaragua, but many more are to come. While El Salvador has adopted Bitcoin as an official currency of the country, MAVEN MLS has made it possible for almost any property anywhere in the world to be sold as an NFT and paid for with Bitcoin.
“Although a handful of properties around the world have been sold as a true NFT on other blockchains, never has a Bitcoin based blockchain, the clear leader in the space, had a property sold as an NFT! We are extremely proud and excited to be breaking new ground for the very loyal Bitcoin fan base.” stated Patrick Hiebert, Founder of the MAVEN NFT Marketplace and the MAVEN MLS division found at MaveNFT.io.
Hiebert also added, “The benefits of selling a real property as an NFT are huge! The purchase is instantaneous, putting funds in escrow is unnecessary, and the set-up costs, the minting and gas fees, for a six-figure priced condominium were under 50 cents! No longer are wire transfer fees and other banking fees required, and the real estate agent and government transfer taxes can be paid in the same transaction directly into their wallet.” Through increased transparency, purchasing and selling real estate as an NFT can greatly reduce any uncertainty for anyone who is hesitant or unfamiliar with purchasing real estate in Latin America. Additionally, for those looking to leverage their Bitcoin or to diversify their crypto gains in a stable asset like real estate, MAVEN is the marketplace for doing so.
MAVEN offers all of this at a fraction of the cost of a traditional property sale process and neither the buyer nor seller are even required to have a bank account involved. The NFT to be sold, representing the contractual ownership of the property (via an LLC), is held in a MAVEN wallet and, with the click of a button, the buyer receives the NFT, and the seller receives the funds simultaneously.
By utilizing smart contracts on the Bitcoin based Liquid Network, MAVEN offers a fast, inexpensive, and convenient means to transact, while assuring the payment is secure due to Bitcoin’s proof-of-work method for tracking and verifying transactions.
Shauna Collister, Business Development Director at MAVEN stated, “Hard Asset and Real Estate NFTs may sound boring and confusing but they represent a very efficient way to do business and will become a part of our everyday life over the next few years.” Collister went on to say “The value of MAVEN is you can purchase products, experiences, services and even donate to a cause using Bitcoin and the transfer of title and/or proof of purchase is recorded on the Liquid blockchain forever, unchangeable, transparent, and secure. MAVEN’s use of the Liquid sidechain and focus on using NFTs to transfer ownership and prove authenticity of tangible products or ‘hard assets’, positions MAVEN above other NFT marketplaces which mostly focus on digital art and use the slow and expensive Ethereum or similar blockchains.”
MAVEN is an online NFT shopping platform for products, experiences, and causes. A marketplace where one purchases with Bitcoin and receive an NFT proof of purchase. MAVEN permits the sale of everything from Real Estate to Pickleball Paddles, to Supercar Experiences, to a Costa Rica Rainforest Conservation project and more. If it exists in the real world and can be sold under contract, MAVEN can represent it as an NFT.
MAVEN MLS is the Real Estate arm of MAVEN Group LLC.
What is an NFT: NFT stands for Non-Fungible Token, and it represents a digital asset, stored on a blockchain. It can be connected to a digital contract on the blockchain, providing increasing benefits and capabilities for contract automation.
What is Liquid: Liquid was created by Blockstream and is a sidechain of Bitcoin that support transfers of Bitcoin into and out of the system by means of a cryptographic peg. Bitcoin pegged into Liquid is referred to as Liquid Bitcoin or L-BTC. Liquid permits the addition of unique digital contracts to the blockchain.
Why was Bitcoin created: An individual or a group of people going by the name Satoshi Nakamoto issued a white paper to address the centralized control of money and the trust required in handling citizens’ cash, after the 2008 Financial Crisis. According to the white paper, Bitcoin was created so people don’t have to rely on government or financial institutions for financial transactions and, because it works on a proof-of-work methodology for tracking and verification of transactions, transactions cannot be altered, falsified, or manipulated. It is a peer-to-peer electronic exchange. This means people can send Bitcoin directly to one another without the involvement of a bank or other intermediary institution and their associated charges.
MAVEN Founder: Patrick Hiebert, is also one of the Co-Founders of EcoVillages.Life together with his co-founder and son, Spencer Hiebert. Ecovillages designs unique, crypto-friendly and enabled, communities throughout the region. Patrick Hiebert’s unique experience and understanding of the benefits of decentralized finance led him to create the Maven NFT Marketplace and Maven MLS online platforms.
Panama City, Panama
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