Bricknest founders Radek Bulat, Alex Nasr and Patrick Laskowski say, “Bricknest allows you to have a property portfolio in your pocket. We are democratizing access to real estate and want to give people more affordable access to beautiful places around the world.”
The platform offers blockchain securities that are sold as collections of NFTs, which effectively rubber stamp the legal process. Each NFT in the collection represents fractional ownership of an apartment, the first of which is in Marbella and launches on April 19th. The number of NFTs owned determine the amount of time an owner can spend in the apartment or the amount of rental income that will be delivered via smart contract directly to their wallets.
Bricknest says the record of the purchase is placed on the immutable blockchain and provides access to the legal documents signifying ownership interest based on the number of NFTs. This reduces costs for the buyers and makes the purchasing process quick, simply by letting them buy a property with the click of a few buttons. Owners then have the choice of whether to use the property or earn their proportionate rental income.
Alex Nasr, COO has said, "Blockchain experts have been touting the technology as a means to verify property sales for years. Eventually, most assets that are ‘off chain’ will be brought ‘on chain’. We’ve successfully created a model where property deals can take place directly on the blockchain.”
The startup touts that users will be able to become fractional owners of properties across Europe. For investors, this may mean an avenue for direct exposure to distant real estate markets. However, Bricknest also anticipates that average, middle-class people will appreciate the opportunity to consistently, affordably access exclusive vacation properties via Bricknest NFTs.