Sumotex Is the First Investment Fund to Convert Prime Real Estate Into NFTs on IoTeX

NFTs are taking the world by storm for all the right reasons. For what’s there, the scene is growing at a faster-than-anticipated rate, exceeding expectations. The uptake of NFTs and the acceptance of blockchain-based solutions has been especially exciting.

At the moment, NFTs statistics are impressive. On OpenSea alone, the marketplace has cumulatively moved assets exceeding $10 billion less than six months after crossing the $1 billion market.

Meanwhile, the significance of NFTs in various sectors is there to be seen so much that the number of organic searches related to the new blockchain sub-sector grew to exceed “crypto” for the first time in history. This unprecedented growth would likely spill to 2022 but with NFTs finding solid applications.

NFTs are used to store images that can represent real-world assets, effectively linking the physical world with innumerable opportunities presented by the blockchain while also concurrently introducing a new twist to tokenization. Although NFTs permeate gaming, art, and eCommerce, their features can also find immense use in real estate.

Introducing Sumotex

This is precisely why Sumotex wants to explore and benefit users. The spice in Sumotex is the pride of owning real-world assets invested by the fund and represented as NFTs on the IOTEX blockchain.

Besides fractional ownership of prime real-estate, Sumotex is also changing how NFTs are valued. Ordinarily, NFTs are determined by market forces of supply and demand. However, in Sumotex, the value of all minted, on-chain NFTs will be directly determined by Sumotex’s portfolio comprising high-value real estate set to earn consistent revenue from tenancy agreements.

As a result, the higher their portfolio—measured in assets under management (AUM)–is, the more valuable their NFTs are. The Special Edition NFT by Sumotex allows the holder to earn dividends drawn from the firm’s profits while the APY of the Fund NFT is tied to its fund pool.

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