Tykes launches NFT marketplace in a bid to capitalize on real estate

Company creates community centered on digital real estate education and investing

Tykes launches NFT marketplace in a bid to capitalize on real estate

Web3 startup Tykes has kicked off its journey into the world of cryptocurrency and real estate investing with the launch of its NFT project that aims to connect real estate professionals with investors and web3 experts.

For the launch, Tykes deployed a collection of 5,000 NFTs (non-fungible tokens) that give holders access to a comprehensive community for digital real estate, as well as exclusive events and conferences focused on digital real estate education and networking. The company said the goal of the community is to educate members and later allow them to join ventures, partnerships and deals.

Lately, we've seen a number of NFT start-ups enter the real estate space, as well as mortgage companies exploring blockchain technology to speed up the loan process. Recently, Sun West Mortgage enhanced its blockchain real estate platform, Morgan, to convert mortgages into NFTs. Earlier this year, TerraZero Technologies closed its first-ever "Metaverse Mortgage" deal, which financed the purchase of virtual real estate.

Read more: NFTs meet real estate: TerraZero Technologies completes first "Metaverse Mortgage" transaction

"Almost every aspect of real estate is archaic – from how we transfer ownership to how we build homes," said Ryan Pineda, CEO and founder of Tykes. "We created Tykes for anyone who wants to learn more about disrupting the real estate industry, using blockchain and NFTs to come together as a community and push the envelope. Tykes will improve real estate processes and transactions that are often too complicated and involve many layers that deter the average investor from seeking opportunities."

Tykes has sold more than $2.4 million on presale, according to its release. After minting – a term used for adding NFTs to a blockchain – its cryptocurrency called TyKoin, accredited members can also invest in startup businesses and real estate deals.

"There is a strong demand to learn about and understand NFTs and their capabilities," said Amr Samaha, co-founder and chief operations officer of Tykes.

"Tykes is a place to cultivate and support those who want to invest and make money in the real estate market, particularly in an industry that is ready for change. Real estate investing is the safest form of investing, but many individuals are unaware of how to get started. Tykes will create a community of real estate professionals, investors and web3 experts in order to learn about these evolving spaces."