Dubai: Pupil sells first-ever verified NFTs of digitised real-world properties

Pupil, the spatial data company that uses artificial intelligence (AI) to create hyper-accurate digital twins of physical real estate, has successfully launched a new class of non-fungible token (NFT) by completing the world’s first sales of verified digital representations of physical properties.

This is the first time globally that the verified documentation of a real-world property has been sold in the form of an NFT, a statement said.

Pupil has confirmed the sale of tens of thousands of dollars of NFTs through the OpenSea marketplace. This includes the business’s residential property mapping product, Spec, which has sold residential NFTs to buyers ranging from a two-bedroom flat owner in London to the owners of villas and apartments in Dubai, and a family home in the Hamptons, Long Island, USA.

The first sale globally was to a senior banking executive in Dubai. Following this, Pupil will be producing NFTs for every unit of a landmark development in Dubai, ensuring the entire building will be Spec Verified, meaning buyers can transact with complete trust and transparency and have the chance to own the unique NFT of their property.

At the same time, Pupil’s commercial property equivalent, Stak, has mapped an entire portfolio for a UK commercial real estate business.

Meanwhile, the company is in discussions with land departments and regulators worldwide to incorporate the verified NFT floor plans into compliance documents to be added to the records of a property recognised by the relevant authorities.

James D. Marshall, founder and CEO of Pupil, said: “No one else around the world can produce a Spec or Stak verified NFT of a physical property. We are able to offer our customers a unique proposition, combining the physical and digital elements of real estate to give them the opportunity to own an NFT that is verified for its accuracy and authenticity. Our sales evidence a significant step towards digitising the built world, a process that could be transformative in how we interact with real estate. Transacting with the use of a verified NFT of a physical property through blockchain could prevent fraud, increase accuracy and save significant time and stress when buying and selling real estate, while the possibilities for how we could use NFTs to trade and explore exact digital replicas of real-world spaces online are endless.”

Oliver Breach, founder and chairman of Pupil, said: “Pupil is continuing to invest in the development of this transformative new product. Our technology is facilitating the transition to a reality where the real-world spaces we know and love can be digitally replicated with verified accuracy. This, in turn, moves us a step closer to game changing applications of this technology, including the trading or renting of a hyper-accurate digital version of your property and the ability to trade physical real assets safely and instantaneously through blockchain on a much larger scale.”

Pupil combines proprietary AI and industrial-grade LiDAR scanning hardware to capture millions of points of measurement to document a physical property. This hyper-accurate data is processed through AI to create the floor plan/digital twin and then converted into an NFT. This provides the perfect gateway into the NFT market for those less well versed in blockchain and cryptocurrency trades and meets the high demand from experienced NFT and digital real estate investors.