Propy opens auction for first real estate NFT with ownership transfer
Propy, a blockchain-powered real estate transaction platform, today announced it will auction a real estate-backed NFT − an apartment in Kyiv, Ukraine, that previously made history as the first-ever blockchain-based real estate sale.
The apartment will be put up for public auction starting June 8th, 2021. The NFT that transfers real ownership of the property will be auctioned over a 24h period with the initial listing starting at $20k.
In 2017, this property was sold to Michael Arrington, founder of TechCrunch and Arrington XRP Capital. The transaction took place entirely via smart contract on the Ethereum blockchain using cryptocurrency and was the first-ever property sold and transferred on the blockchain.
Propy is backed by blockchain investor Tim Draper and has helped thousands of agents and homebuyers make offers and complete over $1bn worth of transactions via their online platform.
“This NFT will go down in history. For Propy it is a major milestone in leveraging the promise of blockchain technology and non-fungible tokens (NFT) to achieve self-driving real estate transactions. Real estate as an asset class will become a part of the decentralized finance economy.”
– Natalia Karayaneva, CEO of Propy
This unique collectible NFT includes:
- Access to ownership transferred paperwork
- Apartment picture
- Digital art NFT by Kyiv graffiti artist, Chizz (a physical painting of the artwork is painted on one apartment wall)
The seller signs proprietary-developed legal papers for NFTs to transfer ownership to a future buyer; carries out an NFT auction, and receives payment in cryptocurrency. The auction winner becomes the owner within a minute, after filling out KYC details (name).
“It is very exciting to push the innovation and use cases around blockchain technology and real estate. This NFT PoC can continue to develop even larger utility inside the DeFi realm; to enable collateralized loans and p2p mortgages.”
– Michael Arrington, Founder of TechCrunch and Arrington XRP Capital
Details for the NFT sale are available here and will be continuously updated to include property information, FAQs, and more.