NFT Investments PLC (AQSE:NFT) agreed to invest in Blimp Technologies Inc which is developing a decentralised real estate collaboration and search platform.
Blimp (trading as Blimp Homes) is a Canadian group that has created a platform that rewards homebuyers, sellers and real estate professionals for collaboration. It assists users with property search, communication and transactions.
The company, in a statement, said the technology presents an opportunity to restructure inefficiencies in the real estate market.
"The traditional real estate model is fundamentally broken,” said Blimp chief executive Matt Shaw. “By empowering customers, real estate agents and other professionals to engage in direct, peer-to-peer collaboration, we can eliminate many of the stresses, delays and disappointments that plague the homebuying process and we are proud to have the support of NFT Investments in our pursuit of reinventing how homes are bought and sold."
NFT Investments’ executive chair Jonathan Bixby, meanwhile, added: “Blimp is operating in a fast-growing area that will bring the much-needed benefits of a decentralised marketplace to the real estate sector, creating more transparency and efficiency.
“This technology has wide-ranging benefits and the potential to revolutionise the house-buying process and generate significant value. We are proud to invest in Blimp."
NFT Investments is committing US$700,000 to the venture as part of a US$1mln fundraise.