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Bacon Protocol, a decentralized solution for the housing market, minted seven mortgages as NFTs this week as crypto experimentation expands in real estate.

Bacon Protocol minted the mortgages across $7.2 million in property in four states — California, Alabama, Iowa and Washington.

“The mortgage industry is not meant to be replaced, but built upon with new technology that allows the homeowners of today to have the options they deserve,” said Karl Jacob, CEO and co-founder of Bacon Protocol. “NFTs and smart contracts fit perfectly into the lending world as they are similar to many legal arrangements in real estate, with upgraded technology and features, allowing for products like our Smart Loans 2.0 which offer auto refinancing to the lowest rate and an infinite term.”

Here’s how it works. Bacon Protocol uses smart loans that utilize artificial intelligence to evaluate a homeowner’s financial situation, extrapolating it to the future. Each smart loan auto refinances to the lowest rate possible and has an infinite payback period. The NFTs wrap the lien on the home, while the protocol lends against the NFT.

Experimentation with real estate and NFTs is on the rise. This spring, Nolan Reynolds International announced it was tokenizing a $240 million development in Miami. And in June, Property Management Group began accepting payments for its E11EVEN Hotel & Residences project. 

Bacon Protocol, a decentralized solution for the housing market, minted seven mortgages as NFTs this week as crypto experimentation expands in real estate.

Bacon Protocol minted the mortgages across $7.2 million in property in four states — California, Alabama, Iowa and Washington.

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