A decentralized real estate platform that uses NFTs as deeds
This project was a way to test out how decentralized real estate would work. A buyer puts in a bid for a property. They provide supporting documents to verify their eligibility of making payments. The initial payment is simply a deposit. The seller and buyer would then work on a decentralized loan agreement and then the seller would receive payout. This model works particularly well with New Construction. Builders want to begin building homes and soon as possible and buyers want the home of their dreams. It’s the process of acquiring a loan that can take long and stretch out everything. Therefore, if the buyer had partial funds or even had the ability outright buy the home in crypto, the builder would have more incentive to work faster.
How it's made
I chose React because the support for web3 libraries is amazing. For the marketplace and NFT drop, I used ThirdWeb. I use It to mint the deeds and create an auction house. Before I hopped into coding though, I designed my idea out using figma. I want to get my ideas on paper as much as possible. I spent a good 2 hours just thinking through the flow alone. I didn’t want to be bothered with smart contracts in the beginning so, I used json data and hard coded some data off Zillow. The listing ids mapped to the NFT ids that I created in ThirdWeb. Using their SDK, I could then make a bid using the listing id for the particular deed, I began converting the images that I hard coded from simple jpgs to ipfs urls using the drag and drop interface in NFT storage. For supporting documents I created a custom smart contract to save the tokenURL uploaded by the user and their address to show on the seller dashboard, to show proof of verification. I also used the third web module to display the seller dashboard. The most important functionality I needed to implement was the auction. If the auction didn’t function, then the demo to me would’t have felt complete. I had a tough time getting the docs for some of these solutions work. I came into the hackathon trying to implement everything under the sun, but because I was a one man army I had to just pick one feature and get it working. Especially since I pivoted technology about 5 hours in.