NFTs have been used for several different things. Not only are they pieces of art, they act as tickets to the hottest events, contracts between buyers and sellers, and certificates of authenticity. Well, that utility is only likely to grow, and with an auction taking place today, that’s exactly what’s happening.
In a move that’s making history, a home is being auctioned off as an NFT for the first time in the United States. Here’s what’s happening:
Home Being Auctioned as an NFT
According to various reports, the home being auctioned off will have a starting price of $650,000 and will be purchased in cryptocurrency, rather than fiat currency.
Located in Gulfport, the home will be auctioned off online by Propy, a Palo Alto based real estate tech company. Of course, all property rights will exist as a token. Many argue that this marks a change in times, when a traditional deed is replaced with a digitally secure token on the blockchain.
Interested buyers will simply visit the Propy listing website, register, connect their wallets, and participate in the auction for the Spanish-inspired, 4bed, 2.5 bath home.
Of course, many people will be watching to see how smoothly the transaction goes. After all, blockchain enthusiasts are hoping that this becomes the norm in real estate and contracts in general.
The listing agent for the home, Leslie Alessandra, said that she’s very comfortable with the Web3 concept. In fact, she founded the blockchain company known as Defi Unlimited and she’s using the auction as an opportunity to prove the use cases for related NFTs.
Allessandra is also a local real estate investor that believes, as quoted,
“This technology will revolutionize the real estate industry providing speed, transparency, and security on a level not seen before.”
As with many NFT sales, art will also be part of the sale of the home. In fact, a mural from Derek Donnelly, also known as Saint Paint, will be included with the sale of the home and NFT. Saint Paint said he created something that was designed to complement the home as well as immortalize the street art on the blockchain. As with the home, the mural will come with its own NFT and will be included in the sale.
This Isn’t the First Rodeo
While this will mark the first home in the United States being auctioned off as an NFT, it’s not the first time real estate was sold as an NFT. In fact, Propy, the same company at the helm of this property, auctioned off Michael Arrington’s apartment in Kyiv last year. The TechCruch founder’s apartment auction started at $20,000 and sold for nearly $94,000.
The Bottom Line
The bottom line here is that we’re still in the beginning phases of the NFT industry and as the industry evolves, so will the utility of these digital pieces of art. All in all, this is a major step in the right directions or the industry and enthusiasts are watching closely.