PALO ALTO, Calif.–(BUSINESS WIRE)–Propy, the pioneer of real estate blockchain, has announced the launch of its latest real-estate-backed NFT sale in the United States. The technology will be available to interested owners and brokers, and the company will sell a Tampa Condo on April 7th. Everyone interested in the purchase should sign up for the waitlist.
Propy’s proprietary technological and legal framework enables real estate property ownership to be represented as a non-fungible token (NFT). The record of the purchase is placed on the immutable blockchain and provides access to the legal documents. This type of transaction minimizes costs for buyers and streamlines the purchasing process by letting them buy a property in a few minutes. Propy envisions implementing these types of sales globally, providing a single framework for purchasing real estate using blockchain technology.
“At Propy we have developed all the necessary smart contracts and a compatible legal framework that allows tokenizing any real estate property in the United States,” says Natalia Karayaneva, CEO of Propy. “NFT sales reached $4 billion in December 2021 and real-world assets will soon represent a significant portion of that market.”
She adds that the company successfully helped sell a Saint Petersburg, FL property via NFT in February, and they have received over 1000+ requests for future NFT sales across the US
This upcoming sale will take place on Propy’s NFT Marketplace using the USDC token. USDC is considered a “stablecoin” and is “pegged” to the US Dollar, so it doesn’t have the volatility of other cryptocurrencies. The starting price will be 185,000 USDC ($185,000).
Propy’s real estate transaction platform enables an end-to-end experience for agents from the moment they secure a listing to closing the deal. The company uses bank-level security and secure integrations to manage earnest-money transfers. No bank data is stored on the platform and multiple verifications are required before the transfer occurs. Once the transfer is completed, everyone involved in the process is automatically notified and the payment can be tracked with 100% accuracy. Transactions can be handled in dollars, cryptocurrency, or as an NFT.
In 2021, Propy facilitated the first-ever sale of an apartment via NFT in Ukraine and most recently a home in Saint Petersburg, Florida. The company was awarded as a Technology Pioneer by the World Economic Forum. Propy has also raised over $16 million in venture capital and is backed by the likes of Tim Draper and Michael Arrington.
Propy, founded in Silicon Valley, is on a mission to revolutionize the residential real estate sales process. The company’s blockchain innovation removes inefficiencies, streamlines everything from offering to closing to recording title, records everything securely, and enables buyers and sellers to use traditional financing, cryptocurrency and NFTs. For more information, visit www.propy.com.