Phaeton has announced the development of a Real Estate Tangible Non-Fungible Token Marketplace that operates as a Sidechain to Phaeton Blockchain, a proprietary Blockchain technology of the company. The Tangible NFT Marketplace is a Blockchain platform for real estate developers and investors to trade TNFTs. In addition, the TNFT platform comes with a crowdfunding mechanism […]
Phaeton has announced the development of a Real Estate Tangible Non-Fungible Token Marketplace that operates as a Sidechain to Phaeton Blockchain, a proprietary Blockchain technology of the company. The Tangible NFT Marketplace is a Blockchain platform for real estate developers and investors to trade TNFTs. In addition, the TNFT platform comes with a crowdfunding mechanism that allows sponsors and developers to mint tokens for their real estate projects and transacts them on the Marketplace.
Phaeton’s sidechains and smart contracts are a Blockchain ecosystem and tool for developing multi-sector business and cross-functional solutions. This feature of the Phaeton Blockchain enables the development of the Phaeton Real Estate Tangible NFT Marketplace. Additionally, as Phaeton prides itself as a Blockchain alternative, focusing on attending to people’s needs before profit, the Phaeton team has developed it to be energy efficient through renewable energy sources. This energy efficiency and low carbon footprint enable the sidechain-based Real Estate TNFT Marketplace to operate on similar lines.
Speaking at the launch, Ron Forlee, Phaeton’s Chief Executive Officer, called the development of the Real Estate TNFT Marketplace a ‘revolutionary innovation that solves the problems associated with current real estate investment and transactions by offering liquidity, capital raising and seamless transactions through TNFTs.’ “What we aimed for was to develop an energy-efficient TNFT Marketplace without authentication and ownership issues. Because we can create the Real Estate TNFT Marketplace on the Sidechain driven by renewable energy, it is a solution that is in line with the core values of our sustainable development goals,” he concluded.
Talking about the advantages of their technology, Chai Shepherd, the Chief Technical Officer, spoke about the benefits of the Phaeton Real Estate TNFT Marketplace. “We developed the Phaeton Blockchain algorithm using the Delegated Proof of Work system that allows lower energy consumption. In addition, as the Real Estate Marketplace is on a Sidechain, the gas fees and transaction volume on the mother chain is reduced. We also made the decision to focus only on tangible items that have authenticity and provenance to ensure proper authentication, permanence, conservation and ownership,” Mr. Shepherd explained.
Speaking on how they have been able to power their technology on a hundred percent renewable energy source Mr. Shepherd added, “We have developed strategic partnerships with key renewable energy players to develop a host of solar, wind, hydro and other renewable power farms from which we power our datacenters and its equipment. We also have equipment that comes with solar wrap-around energy solutions for both power consumption and cooling system.”
In Phaeton’s whitepaper, the company discussed the various types of Real Estate TNFTs offered on the platform. Among the real estate TNFT listed were TNFT used as shares—which was described as an excellent means of crowdfunding investment or developing projects—TNFT as Titles for owning a property, TNFT as Timeshares, TNFT as co-shares and TNFT as Decentralized Finance.
Discussing their marketing plans to ensure that the solution creates a global impact, Chief Operating Officer Damian Robson listed a five-stage marketing approach. It includes identifying and focusing on a target consumer base, building a community that supports and self-promotes the Real Estate TNFT Marketspace, deploying social media marketing, using social media influencers and the investment in Public Relations. “We believe that using these channels properly with a focus on proper data analytics would enable us to understand our consumer base, introduce our product’s uniqueness and chart the course for improvement and enhancement,” he added.
As the world economy continues to grow amid climate change concerns, it has become imperative that businesses across sectors begin to develop practices that reduce their carbon emission and contribute to greenhouse gas. Phaeton has taken the mantel of leadership by creating a Blockchain ecosystem that functions entirely on renewable energy. This initiative and its promise of support to other businesses can significantly decrease the Blockchain sector carbon emission, as the Blockchain industry is infamous for its contribution to energy use from fossil fuels.
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