It’s not just JPEGs of apes being sold as digital tokens. A house in Gulfport, FL, will be auctioned off as an NFT tomorrow in what is claimed to be the first US real estate NFT transaction. Bidding starts at $650,000 in ether.
Real estate tech company Propy is handling the sale, which would be its second NFT real estate transaction. Last year, Propy sold an apartment owned by TechCrunch founder Michael Arrington in Kiev, Ukraine, as an NFT.
How it works: The NFT will effectively replace the house’s deed by representing a limited liability corporation that owns the property rights. So, (stay with us) the winning bidder will receive an NFT of a company that owns the house.
What’s the point?
The home’s current owner Leslie Alessandra—who’s the founder of a decentralized finance company—said selling real estate NFTs could make the process of property buying as speedy as sending a Venmo by replacing the drawn out, Hogwarts letter-level of paperwork it currently is…read more.