Ellen Britt for CNT #NFT
We recently brought you news about Propy, the real estate transaction platform that made tech history by helping MIchael Arrington, the TechCrunch founder, to list his Kiev, Ukraine apartment as a real estate NFT in May of 2021.
That property went on to sell for $93,000. Then, on April 12, 2022, the company facilitated the sale of yet another property as an NFT that went for $654,310, one of the first NFT homes to sell in the U.S.
The Mission
Propy aims, through the use of software, to help brokers, agents and owners transition over to a paperless closing that is also remote, using NFTs to close the entire deal online.
Crypto As Collateral
They are now partnering with Abra, a financial services company that provides lending services for borrowing against cryptocurrency collateral. Through this partnership, they can help prospective homebuyers secure a loan on a home by allowing the buyer to use their cryptocurrency as collateral on the loan.
Slow Boat
But some industry analysts believe that business models like this will remain few and far between in the U.S, at least for now. The real estate industry is firmly entrenched, along with its stakeholders, so adoption of this new tech will likely be slow. But when mass adoption is reached, which seems inevitable, Propy and other companies like it, will be far ahead of their competition.
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