Propy Auctions World’s First Real Estate NFT with transfer of ownership
SAN FRANCISCO – (BUSINESS WIRE) –Propy, the real estate transaction platform, will auction a real estate-backed NFT – an apartment in Kiev, Ukraine, which had previously gone down in history as the very first blockchain-based real estate sale.
The apartment will be put up for public auction and won by a historic bidder. The NFT that transfers beneficial ownership of the property will be auctioned over a 24 hour period with the initial listing starting at $ 20,000. Details of the NFT sale are available here and will be continually updated to include property information, FAQs, etc.
In 2017, this property was sold using blockchain technology to Michael Arrington, founder of TechCrunch and Arrington XRP Capital. The international transaction took place entirely through a smart contract on the Ethereum blockchain using cryptocurrency, and was the very first property sold and transferred on the blockchain.
Propy is backed by blockchain investor Tim Draper and has helped thousands of agents and home buyers bid and complete over $ 1 billion in transactions through their easy-to-use online platform. use and secure.
“This NFT will go down in history. For Propy, this is a major step in leveraging the promise of blockchain technology and non-fungible tokens (NFTs) to achieve self-sustaining real estate transactions. Real estate as an asset class will be part of the decentralized financial economy. “- Natalia Karayaneva, CEO of Propy.
This unique collectible NFT includes:
Access to transferred ownership paperwork
Photo of the apartment
NFT digital art by Kiev graffiti artist Chizz (a physical painting of the work is painted on a wall in the apartment)
The process works like this: The seller signs legal documents developed by owners for NFTs to transfer ownership to a future buyer, conducts an NFT auction, and receives payment in cryptocurrency. The winner of the auction becomes the owner within a minute, after filling in the KYC (name) details.
“It’s very exciting to push innovation and use cases around blockchain technology and real estate. This NFT proof of concept may continue to develop even greater utility in the DeFi field, to enable secured loans and p2p mortgages. ” – Michael Arrington, Founder of TechCrunch and Arrington XRP Capital.
NFT auction details are available here.
About the property
Located in the popular Svyatoshino district in Ukraine’s capital, Kiev, this studio features a full kitchen and a bathroom.
This Real Estate Backed NFT is a premier collectible asset with transferable digital property rights.
Propy is a leading innovator in the real estate industry, establishing stand-alone transactions. Propy facilitates real estate purchase transactions by bringing together agents and consumers in a secure environment. Propy Deals helps agents and consumers win deals; and Propy Transaction Platform enables agents, consumers and securities firms to easily manage all phases of an online sale. Purchase offers, payments and deeds are processed on the immutable blockchain. Worldwide, the company has participated in more than 1,000 real estate transfers. Completing transactions through NFT-ing real estate can make life easier for both the consumer and the agent and unlock stock liquidity. Learn more about Propy.com
About NFT Artist, CHIZZ
CHIZZ is a Ukrainian street art and mural artist. His clients include Pepsi, Lays, U17, Center for Contemporary Art, Ukrainian Premier League, Silpo and more.
He also sold NFTs on Foundation. One of his most famous is a short video depicting the mural: https://foundation.app/Chizz/swimming-is-prohibited-26909
His current works can be seen on Instagram.