New Tampa Real Estate NFT Sale Planned by Propy
PALO ALTO, Calif.–(BUSINESS WIRE)–Propy, the real estate blockchain pioneer, 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 7. Anyone interested in purchasing must register on the waiting list.
Propy’s proprietary technological and legal framework allows real estate property to be represented as a non-fungible token (NFT). The purchase record is placed on the immutable blockchain and provides access to legal documents. This type of transaction minimizes costs for buyers and streamlines the buying process by allowing them to purchase a property in minutes. Propy plans to implement these types of sales globally, providing a unique framework for buying 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 in the United States,” says Natalia Karayaneva, CEO of Propy. “NFT sales reached $4 billion in December 2021 and real-world assets will soon be a significant part of that market.”
She adds that the company successfully helped sell a St. Petersburg, Florida property via NFT in February, and received more than 1,000 requests for future NFT sales across the United States.
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 get a listing through to closing the deal. The company uses bank-level security and secure integrations to handle deposit transfers. No bank details are stored on the platform and several checks are required before the transfer takes place. Once the transfer is complete, everyone involved in the process is automatically notified and payment can be tracked with 100% accuracy. Transactions can be processed in dollars, cryptocurrency or NFT.
In 2021, Propy facilitated the first-ever sale of an apartment via NFT in Ukraine and, most recently, a house in St. Petersburg, Florida. The company has been 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 process of selling residential real estate. The company’s blockchain innovation eliminates inefficiencies, streamlines everything from offering to title registration, records everything securely, and allows buyers and sellers to use traditional financing, cryptocurrency and NFTs. For more information, visit www.propy.com.