At the same time that these mortgage tokens are minted, a wallet owned by Mitchell is given an ownership NFT, his owning of that wallet proves his identity in disputes over who owns the structure. As long as he has this ownership token, he will have the right to live in the seastead, move it, rent it out, or do anything else to it that he wants.
Other functionality will be built into the ARKT blockchain to allow the owner to easily work with property management companies in sharing profits from vacation rentals, monthly leases, annual leases, room rentals, or any other type of arrangement that might exist, and organizing what tenants can stay where and what rights they have to the property. This system can be handled by property management smart contracts, rental tokens, and other systems that we can go into more depth on later.
Such a system will allow the full decentralization of the entire real estate process, from crowdfunding mortgages, to decentralized titles to being able to set your new property up on an AirBnB like dapp, in this version of events, no red tape or mishandling of paperwork can slow the process down for new real estate to be constructed quickly and used efficiently. It opens the flood gates to newer and higher quality housing, and paves the way for prices in the future to be lowered to such a level that everyone in a floating city will be able to own their own home, a problem that can’t easily be solved on land in most countries either because of zoning laws or complications in land ownership titles. With these kinds of systems to look forward to in the blockchain space, maybe sea real estate will only be the first area of real estate to be tokenized, but after proving itself here, the tokenization of real estate on land may become popular as well, paving the way to home ownership for billions of people.