Algorand (ALGO) is trending down with the rest of the crypto market. Larger cryptocurrencies such as Bitcoin and Ethereum broke below critical support and appear at risk of future losses unless liquidity reaches current levels.
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At press time, Algorand (ALGO) is trading at $0.76 with a 3.7% loss in the last 24 hours. On higher timeframes, the cryptocurrency posts a 20.5% loss in 30 days and a 35% loss in a year.
ALGO trending lower on the 4 hour chart. Source: ALGOUSD Tradingview
Despite recent bearish price action, the Algorand ecosystem continues to expand. Recently, the network saw the launch of Vest Equity.
Built as an NFT platform, this project runs on Algorand with the goal of giving real estate owners more power over their assets. The platforms allow users to tokenize a property and “easily” offer a slice of the market.
The platform has the additional goal of allowing users to benefit from the value of their properties, converting them into tokenized digital assets. At the same time, Vesta Equity:
(…) simultaneously promote housing affordability, economy, and investor frictionless accessibility to residential real estate.
Vesta Equity offers users access to a native market that takes the friction out of the transaction process with real estate-backed NFTs. The platform has a catalog of properties, price ranges, addresses.
Additionally, an owner or potential investors looking to purchase a portion of these Algorand-backed NFTs can view the percentage of available equity, listed equity, and sold equity. Other features of the property are visible, as seen below.
Vesta stock market. Source: Vesta Equity
Vesta Equity is easy to use and provides additional data such as the property value forecast for up to 30 months and its Home Price Index (HPI) to estimate the potential value of the property in the coming years and its expected returns.
Vesta Equity offers an estimate of the future price of a property. Source: Vesta Equity
Algorand to disrupt the $23.6 trillion real estate market?
The Algorand-based platform takes care of automating and removing third-party intervention from the real estate industry by harnessing the power of NFTs. In this way, providing users with greater access to real estate investments. Michael Carpentier, CEO and co-founder of Vesta Equity, had this to say about the project:
Imagine a world where with a few clicks of your mouse you can access the entire equity in your home without going into debt or selling and moving. At the other extreme, investors can participate by buying future property appreciation and building a portfolio of real estate assets much like they do with stocks.
Imran Rahaman, COO of Vesta Equity, called the launch of the platform a “groundbreaking” in the home value sector. Furthermore, Rahaman believes that the project is a new use case aligned with the ultimate goal of blockchain technology:
we became an example of a company using blockchain for what it was designed to do: remove the friction of traditional value exchange systems and open up new financial opportunities for people everywhere.
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The Algorand network also revealed improvements to its mainnet with the expansion of smart contract functionalities. Users will now be able to benefit from contract-to-contract calls, and a new component called Falcon Keys designed to move the network toward “trustless cross-chain interoperability.”
This post Algorand grows, how Vesta will allow owners to tokenize real estate
was published first on https://www.newsbtc.com/news/defi/algorand-ecosystem-grows-how-vesta-equity-will-enable-homeowners-to-tokenize-their-real-estate/
