The launch of Lofty Brickell, a luxury condominium in Miami due for delivery in 2024, is the first in the world to present each buyer with an item of NFT art that is part of the collection designed by renowned artist Carlos Betancourt. The digital collection acquired by the condominium consolidates the city of Miami as one of the most technological in the world, with the real estate sector at the forefront.
Lofty Brickell’s NFT collection has been on display at the Metropolitan Museum of Art in New York, the Smithsonian National Portrait Gallery in Washington, D.C. and at the Ponce Museum of Art in Puerto Rico.
About Lofty Brickell
Lofty Brickell is a 44-story tower that will offer fully furnished, short-term rental units. The practice of short-term rentals, within the format of online rental platforms, such as Aribnb and Booking, has been gaining ground in Miami and attracting the attention of investors.
“Developments with flexible rentals are the most sought after in Miami today,” says Heloisa Arazi, broker and owner of AMG Realty in Miami. “The expected return on vacation rentals is higher than on long-term rentals, attracting investors,” she adds. “In addition, the buyer can also enjoy the property, whenever he wants, and rent the rest of the year”, explains Heloisa.
The Brickell neighborhood already had some condos that allowed the practice. However, Lofty Brickell was the first in the neighborhood designed specifically for this format. The developer, Newgard Development Group, is the same one who developed the NATIIVO project, in Downtown, one of the pioneers in this format throughout the city of Miami and a sales success. Check out complete list of condos that allow Airbnb in Miami
Harvey Hernandez, CEO of Newgard Development Group, in an interview with the Miami Herald, said that the purpose of the NFTs program, in addition to bringing a technological and unusual side to the venture, is also to exalt the artistic and cultural side of Miami, which has been standing out. in the world as a World Class City.
Although construction on the Lofty Brickell has not yet begun, most units have already been sold. Soon the condo will be “Sold Out! (100% sold). AMG International Realty is proud to have made the first Lofty purchase reservation!
What is an NFT and how does it work?
NFT is the acronym in English for “NON FUNGIBLE TOKEN” which, translating into Portuguese, means, “Non-fungible Token”. It is a certificate of ownership and is part of the crypto world. They are usually related to artwork.
Basically, an NFT is a representation of any asset that has a unique and original character. The Token is a digital code that confers a certificate of possession of something original. To make it easier to understand, let’s look at an example from the physical world. When an artist creates a work of art, which can be an oil painting on a canvas, for example, that work is unique and original. Copies of this work, however, may be created and distributed. However, there is only one original.
NFT brought this idea to the digital world. A work can be created and you can register this work digitally, using a code (Token). The Token is the NFT and the registration takes place in the so-called Blockchain, that is, a system of blocks in a chain, formed by several computers, which certifies the transactions of the NFTs. We will not go into details here about how the Blockchain works. Just know that this is the same system that certifies transactions for major cryptocurrencies such as Bitcoin and Ethereum.
From there, this token can be traded. Whoever buys this NFT will be the owner of the original work, backed by the token (certificate).
A work of digital art can, of course, be downloaded to any computer, but the simple download does not guarantee that the image or file is original. The NFT yes.
NFTs are more related to works of art, but can serve a variety of other assets.
Miami was the first to accept Bitcoins for real estate purchases
In recent years, Florida and, in particular, the city of Miami, has been positioning itself in the US as the newest technology hub, even rivaling Silicon Valley, in California. The favorable business environment and tax incentives (there is no State Income Tax in Florida) have attracted technology professionals from all corners of the country.
Miami Mayor Francis Suarez has been working hard to launch Miami as the “Tech City.” He has already signaled that he intends to invest part of the municipality’s reserves in cryptocurrencies and has been waving to the big players in the high-tech world, such as Elon Musk, to bring pioneering projects in the technology sector to the city.
Miami was the first city in the world to accept Bitcoins as payment for real estate projects. The new construction Arte, a luxury condominium in Surfside, a community between Bal Harbor and Miami Beach, was a pioneer in this initiative.
Lofty Brickell, by gifting buyers with NFTs, consolidates the trend, putting Florida real estate in step with the new global wave of crypto assets.
About the artist Carlos Betancourt
Source: Carlos Betancourt Official Website: “Carlos Betancourt (born in San Juan, Puerto Rico in 1966) is an American artist, generally described as a multidisciplinary artist. His works explore issues of memory and his own experiences, while addressing issues of nature, the environment and issues of beauty, identity and communication. Through reexamination, he recycles and reinterprets the past, delivering it in a new and relevant context. Influenced by personal memories, he believes that art can be informed by one’s own experiences, not necessarily the other way around.”
In an interview with the Miami Herald, Caros Betancourt expressed his satisfaction with the advent of NFTs, as it allows him to exhibit his work digitally and in a different way, transforming his static works into lively animations in a practical way. Before the popularization of NFTs, displaying works of art in a lively way in museums or galleries was something more complicated, said Betancourt.
About AMG International Realty
AMG International Realty is a global real estate company specialized in Florida. To learn more about real estate opportunities in Miami, Orlando and the Tampa area, contact me right now and chat with me on WhatsApp: +1 305 318 6968 (Heloisa Arazi).