London spatial data specialist breaks into £250trn market with “ground-breaking” real estate NFTs

Pupil, the London based spatial data company that uses 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 ever been sold in the form of an NFT, creating a new market that brings together physical and digital, or “phygital”, real estate.

The unique offering opens up a new opportunity for owners of real estate to purchase a verified, accurate digital representation and record of their property through an NFT. A bespoke artwork in the form of an individual QR code will be produced for each NFT that is purchased, which can be put on display in the physical property.

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 Long Island, USA.

Moving beyond property NFTs being a speculative or theoretical investment for niche collectors, Pupil’s sales pipeline for phygital real estate NFTs already includes orders worth hundreds of thousands of dollars, evidencing that these assets have a “much broader market” than collectors of NFT art, or trophy assets for the super-rich.

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.

“Coupled with our truly ground-breaking ‘Home in Your Pocket’, we are changing the real estate landscape globally and adding a new dimension to a $327trn (approx. £249trn) market. Our sales evidence a significant step towards digitising the built world, a process that could be transformative in how we interact with real estate.

Oliver Breach, founder and chairman of Pupil, added: “We are servicing ever-growing demand from homeowners up to the largest global asset managers to acquire a Spec or Stak Verified NFT of the properties that they own. This market is far bigger and more diverse than many realise.

“As a result, 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.”