Bali’s NFT island puts new twist on property development

Indonesian crypto outfit EKTA is taking tokenonmics to the beach with its own twist on property development and non-fungible tokens (NFTs).

EKTA looks to bring property development into the digital age using non-fungible token (NFT) to tokenize the commercial property development of the Indonesian island Gili Gede, just off tourist hotspot Bali.

EKTA is a Layer 1 blockchain project that connects the physical world with Web3 based on the Ethereum blockchain (ETH), which underpins roughly 80% of NFT projects.

ETH to US dollar

Backers of tokenising argue that commercial real estate is particularly suitable for blockchain technology as it allows predictable cashflows and enables retails investors to directly access an asset class they were not previously able to.

The etymology of Ekta, is that it is a sanskrit word which also means unity and integrity, according to its CEO Berwin Tanco.

And he says these values are important as ETKA looks to bridge the blockchain and physical worlds. He also mentions other motivations such as making profits with purpose by using tech to help improve people’s lives, and to treat the real-world environment with kindness by encouraging reforestation and preserving nature.

EKTA looks to add BNB and MATIC 

In order to own a luxury property in Ekta Island, investors need to have an Ekta Portal, a plug-and-earn node that earns users earn the native EKTA token.

Although it’s based on ETH, EKTA is looking to include other cryptocurrencies into its ecosystem .

The firm’sTube EktaBridge allows users to bridge from the Ethereum network and deploy Binance Smart Chain (BNB) tokens onto EktaChain. EKTA is expected to add MATIC later in the year.

The bridge will enable users to move assets between chains in a user-friendly way.

MATIC to US dollar