Ellen Britt for CNT #NFT
If you have ever gone through a traditional real estate sale, you know the process can be quite arduous. Inspections, title searches, reams of documents, signatures in a gazillion places and fees, fees and more fees! But there is a better way on the horizon.
If you have been following any of our previous articles on real estate in the digital age, you can probably guess that this “better way” has something to do with NFTs. And yes, you would be right!
Propy Goes First
We brought you news about Propy, a company whose goal was to sell NFT-backed real estate. They made good on their word, selling an NFT-backed home in Florida area for $653,000. The usual due diligence, such as title report, title search, and inspection, were all completed by Propy staff prior to the auction. Those who signed up to bid got an invite to visit the home and look over the documents, prior to the sale.
The Miami Mega-Mansion
Then there was the Miami mega-mansion, a collaboration between ONE Sotheby’s International Realty, known for its luxury real estate offerings, and Voxel Architects, who are constructing the mansion’s digital twin, down to the last bathroom! The home’s virtual digital twin will reside in The Sandbox, one of the major metaverse platforms.
Utah Developer Embraces NFT Real Estate
Then most recently, we highlighted a Millcreek, Utah developer who is building a $4 million dollar luxury home that will be sold as an NFT in exchange for cryptocurrency.
Crypto For A Condo
Now, in Tampa, Florida it’s a 600-square-foot, one-bedroom condo that will be sold as an NFT. According to Propy, the bidding will begin at $185,000 for the property.
The Future Is Now
In the not so distant future, traditional mortgages and closings will almost certainly be a thing of the past, as both buying and selling of properties will be via NFTs. This technology promises to speed up transactions, cut down on paperwork and best of all, lower the fees involved!