Florida Home Captivates A New Class Of House Hunters With Its NFT Property Deed

It’s not a novel occurrence for a four-bedroom house in Gulfport, Florida, to be sold with a US$650,000 starting price tag. At first glance, there might not be anything that separates it from the rest, but there is indeed. 

That comes with the option for the buyer of the house to proceed with the payment through Ether and receiving the property deed in the form of an NFT. Then, the property will be owned through a limited liability company (LLC) that hosts the token.

Blockworks reports that Propy, a blockchain startup, would be hosting the auction for the property on its online platform. This company’s services, CEO Natalia Karayaneva says, could turn into a “standard in the industry.”

Propy has “developed all the necessary smart contracts and a compatible legal framework that allows tokenizing any real estate property in the United States,” she clarifies. 

By using blockchain tech to attribute the property rights to the buyer, closing time can be cut down for a more efficient process. It’ll also attract younger investors, Karayaneva states. 

Upcoming sales may be in the form of USDC instead, which the firm hopes will reduce concerns around volatility. Lending options are also being explored for the future of real estate-based tokens.

The 2,164sqft house was sold for 210 ETH, which works out to US$653,000, in the end. This was after some 1,500 people expressed their interest for the listing, according to Blockworks.

Karayaneva tells CoinDesk that the next property to be sold in this way will be a condo in Tampa, Florida.

[via Blockworks and CoinDesk, image via Heckler Realty Group]