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SumoTex & StarCrazy Bringing Fractional NFT Ownership of Real Estate to The Metaverse

Table of Contents

GameFi / Metaverse / NFTs

SumoTex & StarCrazy Bringing Fractional NFT Ownership of Real Estate to The Metaverse

Latest-Crypto-News

By Latest-Crypto-News

4 months ago
4 min read
 SumoTex & StarCrazy Bringing Fractional NFT Ownership of Real Estate to The Metaverse

Table of Contents

While NFTs continue to dominate in the news, many are still left asking themselves how digital goods will add value to the physical world. SumoTex is the perfect example to begin understanding NFTs potential as applied to the physical and virtual world real estate.

SumoTex’s NFTs come with fractional ownership of properties that SumoTex has invested in. Fractional ownership significantly reduces the barrier to entry for individuals who want to invest in property but do not have the funds or are unwilling to take such a risk on their own. SumoTex wants to decentralize commercial real estate and make it a viable option for a broader audience.

While traditional private equity firms charge about $50,000 USD per subscription, SumoTex NFTs are only $150-200 USD. The NFT’s rarity determines the APR (Annual Percentage Rate) that will be distributed amongst the property investors, but it could be up to 25%. The higher the rarity, the higher the dividend and profit distribution.

"Real estate is next step in fractional ownership. SumoTex and the StarCrazy partnerhip shows a glimpse of whats possible in Metaverse and yet so much more is still to come" - Art Malkov, Head of Growth , IOTEX

In addition to offering NFTs the fractionalized ownership of individual properties SumoTex also offers NFTs that represent owning a fraction of a fund pool. This is a way of diversifying ownership of commercial property. When a SumoTex NFT represents a real-world property that NFT’s value is less volatile as a result of being assessed on the real-world value of the property, based on traditional metrics such as rental income and comparable sales.

SumoTex exclusive NFTs act as your “passport” to additional profit sharing among the investors. Their first batch of NFTs sold out in just 7 minutes, and the next one is coming out on January 23rd. The virtual space is evolving so rapidly, and SumoTex is on the cutting edge of it.

SumoTex Entering GameFi with StarCrazy Bang: Buys a Planet

Now SumoTex is shaking up real estate in the Metaverse with their latest involvement with another dApp on IoTeX.

StarCrazy is a popular play-to-earn game where players buy, battle, and mine with their NFT collectible avatars, called Starz. This year, on January 18, StarCrazy hosted its first Auction, where players could purchase virtual real estate in the form of Planets within the game. By owning a planet, players will earn passive income through hosting tournaments, improving their Starz battle performance, and other gameplay perks.
SumoTex announced their purchase of 1 of the 100 auctioned planets. Some planets sold for as high as $27,000 USD, with a total price of $762,022 USD. With such a competitive barrier to entry, many hopeful players missed their chance to own a planet. SumoTex’s purchase will allow for fractional ownership over planets with a much lower buy-in cost for players. Anyone can now own a piece of the planet! Did you dream as a kid of going to the stars? Well, now you can.

A DAO will be formed to create a community of players benefiting from this NFT ownership and to determine how their planet will participate in tournaments, mining, distributing rewards, and more.

SumoTex as the First Smart City DAO on IoTeX

SumoTex’s ultimate goal is to launch the first smart city DAO on the IoTeX blockchain. NFT holders will have the opportunity to collaboratively decide the future of the investments including the design layout of the architecture as well as voting on potential projects.

SumoTex will uniquely embrace IoTeX’s MachineFi vision, connecting physical devices to the blockchain and allowing users to monetize their generated data. SumoTex will integrate MachineFi-powered smart devices, such as kitchen appliances, smart TVs, and smart thermostats, with their acquired real estate.

The Sumotex team is also tackling the issues of sustainability and energy consumption in the traditional real estate industry. Building owners often struggle to verify the accuracy of energy consumption tracking. SumoTex’s investment properties will integrate MachineFi-powered smart meters to track this data in real-time with 100% certainty.

Ultimately, SumoTex strives to build a smart city powered by MachineFi. Members of this DAO will receive exclusive access to physical airdrop assets, like free stays in hotels or discounted tickets to events.

Now with SumoTex’s virtual real estate in the StarCrazy metaverse, fractional ownership is opening more opportunities for investors than ever before. Both virtual and physical assets are being made widely available for anyone interested in the space. With a DAO structure, NFT holders will have the freedom and flexibility to shape real estate in the metaverse as they see fit.

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