First United States NFT Real Estate Deal Closes
The first United States NFT real estate sale is officially in the books facilitated by Propy, the largest real estate-focused protocol in the cryptocurrency market, who launched a platform in the US that allows real-world property to be purchased as an NFT.
A Gulfport home has been sold via NFT by Florida native Leslie Alessandra who co-founded Defi Unlimited and Alloy Design & Development. Leslie actively invests in both real estate and cryptocurrency, which she believes are not mutually exclusive. These investments can be made to provide benefits to either industry or humanitarian causes.
Quoting Propy via Twitter, “It’s a wrap! The first real estate NFT auction in the US is history now. Thank you so much to everyone who participated and to those who cheered us on. Congratulations to the lucky winner, we can’t wait to see what you do with the Propy NFT next!” What a blast!”
Non-fungible tokens continue to grow in importance in multiple sectors. The growing mainstream awareness of non-fungible technology is opening up new opportunities and revealing new trends for the blockchain industry.
Real estate companies are starting to use blockchain technology because it opens the door for a different type of ownership, where you can split up the property ownership into fractions, as well as other unique financing models.
People from the crypto community are interested in real estate because when transactions are quick, on-chain and crypto dematerialized, it becomes easier for them to invest in property. A crypto holder is likely to invest a small percentage of their returns into a real-world asset if it’s made easy, and that’s what the NFT-enabled process does.
These days, it can be really hard to find a good, upper-end place to live. The demand for trophy real estate is always high but there’s never enough supply. That’s why NFTs in the industry might just be the answer we need. The focus of initial use cases will probably be on assets that are most relatable to collectibles before that type of technology is commonplace.
Most stellar properties can be found in the top “super-prime” or “prime” districts, with well-known name recognition, landmarks, or iconic buildings.
Properties like these with great underlying property fundamentals, such as bespoke and striking design architecture, exhaustive construction, or the highest quality finishes available on the market, usually remain as high-valued assets for decades.
Trophy properties that celebrities own tend to be in exclusive areas that can host digital art or exhibit unique architectural characteristics that make it worth collecting. With high-end properties, pride of ownership skews high, and the purchased price is almost not taken into regard just like with other collectible items that have a high trade probability.
With companies such as Milo, a financial technology company that has announced its new crypto mortgages, and Vesta Equity, who states via Twitter, “A home can now be fully tokenized giving consumers new financial freedoms. Investors can now buy real estate-backed NFTs as securities,” there’s no sight of crypto real estate slowing any time soon.
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