My Real Estate: Revolutionizing Real Estate Transactions and Ownership Management with Blockchain and NFTs

This paper proposes a novel approach for using blockchain technology and NFTs to transform the real estate market. Addressing industry challenges such as opacity, fraud, and inefficiency, the paper introduces “My Real Estate”, an innovative web application that leverages blockchain technology and NFTs to revolutionize real estate transactions and ownership management. The proposed approach unfolds in two key phases. In Phase 1, a user-friendly web application is developed using the MERN stack and seamlessly integrated with the Ethereum blockchain network. Metamask, Hardhat, and Solidity Smart Contracts are employed in this phase to ensure secure, automated transactions and immutable record-keeping. Building upon this foundation, Phase 2 involves the tokenization of properties into unique NFTs, facilitating fractional ownership and enhancing liquidity. This phase also explores community-driven governance models for property management using NFTs. The goals of this proposed approach include increasing transparency and trust by establishing verified ownership histories and public transaction logs, enhancing security and mitigating fraud through immutability and automated smart contract execution, streamlining processes and reducing costs by eliminating intermediaries and paperwork, and democratizing access to real estate investment through fractional ownership facilitated by NFTs. “My Real Estate” utilizes a robust technology stack comprising MERN and Ethereum, complemented by an AI Chatbot for personalized property recommendations. With the potential to transform the real estate industry by fostering trust, efficiency, and innovative ownership models, this project represents a significant step towards revolutionizing the traditional landscape.