In a significant development for the real estate and blockchain sectors, Miracle Estate, a subsidiary of Miracle Technologies Group, has commenced construction on its innovative Phoenic Hera project in Northern Cyprus. The groundbreaking ceremony, held on Friday, October 11th, marks the beginning of a venture that aims to revolutionize property investment through the use of blockchain technology and NFTs (Non-Fungible Tokens).
The Phoenic Hera complex, situated just 50 minutes from the airport and 60 minutes from two major city centers, will comprise both hotel and residential units. What sets this project apart is its integration of blockchain technology, offering investors the opportunity to purchase NFTs that grant them ownership rights and additional benefits.
Investors who acquire these NFTs will enjoy several advantages, including free stays throughout the year, access to all hotel amenities, and rewards from the hotel’s operations. Furthermore, they will have the ability to trade their NFTs and acquire Phoenic Token, the native cryptocurrency of the Miracle ecosystem.
Hakan Törehan, CEO of Miracle Cash & More, emphasized the project’s innovative approach: ‘By converting our hotel and real estate project in Northern Cyprus into blockchain-based Utility NFTs, we offer investors comprehensive benefits. Those who acquire Utility NFTs from the hotel project will also become Phoenic Token holders, investing in this growing ecosystem and gaining usage rights in both the hotel and residence projects.’
The project is strategically located in an area recognized by Forbes magazine as one of the most valuable investment regions in Northern Cyprus since 2021. This positioning, combined with the blockchain-based investment model, aims to provide a cost-effective alternative to the rising housing prices and limited real estate investment opportunities in the area.
The construction of Phoenic Hera is expected to be completed within three years and is projected to generate $600 million in benefits. Törehan highlighted the potential impact of the project, stating, ‘Once the project is complete, investors will be able to enjoy all the services of this hotel complex for free every year. They will track their reward streams in real time through the Miracle App.’
Miracle Estate’s approach represents a significant step in bridging traditional real estate investment with blockchain technology. By tokenizing real-world assets, the company is creating new opportunities for investors to participate in the real estate market with increased liquidity and transparency.
The Phoenic Token, which powers the project, is described as more than just a utility token. It serves as the backbone for various projects within the Miracle Technologies ecosystem, allowing holders to access unique ventures and strengthen their positions in the evolving market.
This innovative project could have far-reaching implications for the real estate industry, potentially setting a new standard for property investment and ownership. By combining the tangible benefits of real estate with the flexibility and accessibility of blockchain technology, Miracle Estate is paving the way for a new era of property investment.
As the project progresses, it will be closely watched by both the real estate and blockchain communities. Its success could inspire similar ventures worldwide, potentially transforming how people invest in and interact with real estate assets. For more information about the Phoenic Hera project, interested parties can visit www.phoenichera.com.
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