Blockchain Proptech Firm Sees Demand for NFT Homes, Has More Properties In Pipeline

After selling a Florida home as NFT for 210 ETH, blockchain real estate firm Propy is listing a condo for NFT sale next.
Image source: Tierra Mallorca on Unsplash

Quick take:

  • Propy has just closed a 210 ETH NFT sale of a four-bedroom house in Florida.
  • The NFT can be used as collateral for crypto borrowers and lenders.
  • The next property to be sold as NFT is also located in Florida.

After auctioning a four-bedroom house in Gulfport, Florida as NFT that netted 210 ETH ($653,163 at the time of sale) last Friday, blockchain real estate startup Propy has a second property lined up for sale.

The company’s next listing will be a condominium, which will go live on Mar 2. While features of the condo and its exact location is still under wraps, the property is also located in Florida, specifically the Tampa area. According to Propy, the condo’s value is between $200,000 and $300,000.

The sale of the Gulfport listing came shortly after venture capitalist Bill Tai said that it was only a matter of time before physical real estate will be sold as NFTs. 

The winning bidder of the Gulfport house received an NFT that carries ownership records of a limited liability company (LLC) on an online ledger. The only asset that the LLC owns is the house. The real estate-backed NFT can also be used as collateral for crypto borrowers and lenders.

“This is just the first seller in our pipeline and we’re seeing a lot of demand,” Natalia Karayaneva, CEO of Propy, said in a statement.

More than 7000 potential bidders signed up to bid on the house but only 50 people went through the identity verification process and in the end, only two people had enough funds in their digital wallets to bid. 

Backed by blockchain investor Tim Draper, Propy plans to list 10 more properties-as-NFTs around the US. The company says it’s looking for unique homes as NFTs are often seen as collectibles.

The Gulfport home is not the first blockchain-based property sale that Propy has facilitated. In 2017, the company sold an apartment in Kiev, Ukraine on the Ethereum blockchain to Michael Arrington, founder of TechCrunch and Arrington XRP Capital. The same apartment was then auctioned off as a history-making NFT with transferable property rights for 36 ETH.

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