Propy Makes Good On It’s Promise – Florida Home Sold As An NFT!

Propy Makes Good On It’s Promise - Florida Home Sold As An NFT!

Ellen Britt for CNT #NFT

Late last month, we brought you news about Propy, a company that was aiming to sell real-estate-backed NFTs. Well, now it’s happened, to the tune of $653,000!

The five-bedroom, three-and-a-half-bath home, located near Tampa, was sold in an online auction this past Thursday. 

Going Once, Going Twice…

Some fifty folks actually went through the process of online identity verification prior to the auction, but when it came right down to it, only two bidders qualified. Each of the bidders had to have at least $650,000 in cryptocurrency, which was the starting price for the home, tucked safely away in a digital wallet.

Ownership of the house was first transferred from the seller, Leslie Alessandra, founder of a Tampa- based blockchain company, to an LLC. Then once the winning bidder was identified, the ownership of the LLC instantly and automatically transferred to that winner, and the seller got paid by receiving the crypto payment into her digital wallet, in this case, 210 Ether at the time of sale.

Due Diligence

All of the usual due diligence, such as title report, title search, and inspection, were 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.

Propy, which charges a flat fee for its services and declined to identify the buyer, is planning more sales in the near future.

Note – The home pictured for this article is not the actual home that was sold, but is for illustrative purposes only.

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By Ellen Britt

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