In one of the most sensational NFT backed real estate sales, we have news of a stunning five-bedroom, three-and-half-bath house near Tampa being sold in an online auction held last week. The house was sold for 210 ether or the equivalent of $653,000, making it a buzzing event in the real estate world. The transaction also marks real estate startup Propy’s first NFT-backed property sale in the United States. To conclude the auction, the winning bidder was given access and ownership to the 2,164-square-foot house in Gulfport, Florida, in the form of NFT.
However, it wasn’t all that straightforward. As per reports, the NFT is related to the ownership of an LLC that owns the physical asset and not the housing deed itself. Propy has, however, noted that the cryptocurrency token could be used as collateral for crypto borrowers and investors in the future.
People who had signed up for the house’s auction were invited to visit the home and review the documents before it took place to make sure they wanted to buy it. Further, out of the 50 who showed interest in the sale, only two bidders – each of whom had to have cryptocurrency worth at least $650,000 made it.
Commenting on it, Natalia Karayaneva, the CEO and founder of Propy, said, “We truly feel that we made history, both for the real estate industry and for the crypto community…The only bureaucratic process that we had during the auction was a five-minute process of going through the KYC verification where the bidders had to provide their names and their ID and connect their wallet.”
Karayeneva further added, “We’ve gotten hundreds and hundreds of requests from sellers to sell their homes all over the U.S. The next big sale will be in Tampa again; it’s a condo that is worth between $200,000 to $300,000.” Care to buy an NFT home for yourself?