Non Fungible Titles

 At Rainier Title we have created a Non-Fungible Title that contains our title policy, the
recorded documents and the underlying documents in one secure token. This technological advancement in the way title documents are stored and delivered, makes for a cleaner, more transparent, controlled and optimized document depository.

What is an NFT (Non-Fungible Title)?

Unique Digital Assets: NFT's are digital assets representing ownership or proof of authenticity of a unique item or piece of content, such as art, music, videos, collectibles, and now even real estate.

WEB3 Technology: NFT's are minted utilizing WEB3 technology, typically using platforms like Polygon, which ensures the ownership and transaction history are secure and transparent.

Non-Fungible: The main difference between fungible assets and non-fungible assets is in the content they store. While fungible tokens like Bitcoin store value, non-fungible tokens store data like an academic title or an artwork. They have unique properties and cannot be replicated.

Ownership and Authenticity: NFTs provide a way to prove ownership and authenticity of digital assets in a decentralized manner, allowing creators to monetize their work and buyers to invest in digital collectibles.

Smart Contracts: NFT's often utilize smart contracts, which are self-executing contracts with the terms of the agreement directly written into code. This ensures that ownership transfers are automated and immutable.

Benefits of Using NFT Technology?

Ownership Verification: NFT's can be used to verify and authenticate ownership of real estate properties by linking the token to the property's title or deed information stored on the WEB3 platform.

Title Insurance: NFT's can streamline the process of title insurance by providing a secure and immutable record of property ownership history, reducing the need for manual verification and paperwork.

Fraud Prevention: By utilizing WEB3 technology, NFTs can help prevent fraud and title disputes by creating a transparent and tamper-proof ledger of property transactions.

Transfer of Ownership: NFT's can facilitate the transfer of property ownership by enabling seamless and secure transactions on the WEB3 platform, reducing the time and costs associated with traditional transfer methods.

Fungible vs Non-Fungible?

Fungible:

  • Fungible assets are interchangeable and mutually interchangeable.
  • Each unit of a fungible asset is identical and can be exchanged on a one-to-one basis.
  • Examples include traditional currencies like fiat or dollars. One US Dollar can be exchanged for four quarters, ten dimes etc., and still hold the same value.
  • Fungible assets are often used for transactions and as a medium of exchange.

Non-Fungible:

  • Non-fungible assets are unique and not interchangeable on a one-to-one basis.
  • Each unit of a non-fungible asset has distinct properties or attributes that make it unique from other units.
  • Examples include digital collectibles, art pieces, unique virtual items in games, and real estate properties or titles. Each of these items has its own distinct value and cannot be exchanged for another unit of the same asset.
  • Non-fungible assets are typically used to represent ownership or authenticity of unique items or digital content.

Frequently Asked Questions

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