Ellen Britt for CNT #NFT
It’s one thing for NFTs to be getting a lot of attention in terms of artists’ creations and the embrace of all things NFT by such big players as Coca-cola, Crocs, the NFL, Mercedes-Benz, and now Lamborghini, but now things are getting real…with real estate that is!
Last year, the blockchain startup Propy looked to use blockchain technology via smart contracts to smooth out actual physical real estate sales. The company did sell an apartment as an NFT but not in the U.S., as the apartment was in Ukraine.
Now Propy is launching real estate-backed NFTs in the US to turn real estate properties into NFTs, with the technology planned to be marketed to brokers and owners. The company is starting out on February 8 by offering at auction two residential properties located in Florida.
Proof of Purchase
Records of real estate purchases will be placed on the blockchain which will provide access to the legal documents that confirm ownership of the property. This process will drive down costs for the buyers and it allows buyers to purchase a property in just a few minutes. Propy’s aim is to offer this service globally for purchasing real estate.
If the February 8th auction goes as planned, the buyers get a Florida investment property and the ownership rights are associated with an NFT. The company stresses this is not fractional ownership and the property-backed NFT becomes a DeFi asset and can be borrowed against. Propy says that their smart contract technology and legal framework allow the tokenization of any real estate property in the United States.
Looks like the real estate market is about to get a makeover!
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