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Propy Has Launched the First Real-Estate-Backed NFTs in the US

The Crypster
Propy Has Launched the First Real-Estate-Backed NFTs in the US
Propy recently launched the first real-estate-backed NFT in the US by auctioning two US-based properties on its platform. Learn more here!
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Recently, Propy, a promising real estate blockchain company, announced the launch of the first real-estate-backed NFT in the US. The company has auctioned two residential properties in Florida as part of its ambitious goal to launch a real estate NFT service.

Propy’s First Real-Estate-Backed NFT Worldwide

Last year, Propy facilitated the first-ever sale of an apartment through NFT in Ukraine. Crypto investor and founder of Tech Crunch, Michael Arrington, auctioned his Kyiv apartment as a real-estate-backed NFT to show the prospective use cases for the asset class. Propy has been actively participating in the crypto market, supporting blockchain-based real estate purchases since 2017. However, this marked the first time it tokenized real estate in the form of a non-refungible token.

The First Real-Estate-Backed NFT in the US

Now, the real estate company has brought the first real-estate-backed NFT to the US. Natalia Karayaneva, the CEO of Propy remarked that NFT sales reached $4 billion in December of last year. She believes real-world assets will soon represent a massive portion of that market.

Karayaneva remarked that her company has developed all the necessary smart contracts and legal frameworks to enable real estate property tokenization in the US. Propy plans on implementing this framework globally by offering a streamlined process for buying real estate using blockchain technology.

By auctioning residential properties on Propy’s platform, the company wants prospective buyers to purchase investment properties whose ownership rights will be associated with an NFT. It means that buyers will not receive fractional ownership as the property will become a DeFi asset that they can borrow against.

Propy’s Real Estate Dealings Platform

Propy’s offers real estate agents and brokers an all-in-one platform to handle the entire real estate sales process – from listing an apartment to closing the deal. The platform provides you with bank-level security when managing money transfers; it requires multiple verifications before allowing a transfer to occur.

As a user, you can handle the transaction in your chosen currency – dollars, cryptocurrency, or NFT. The record of the transaction or purchase will be placed on an immutable blockchain. The company firmly believes that this process minimizes the cost incurred by the property buyer and streamlines their buying process. It advocates that a buyer can purchase a property within a matter of minutes.

Global Recognition for Propy

Propy’s successful demonstration of the promising and enticing potential of tokenizing real estate in the form of NFTS and crypto has been recognized globally. The company has raised more than an impressive $16 million in venture capital and has the honor of receiving the Technology Pioneer award at the World Economic Forum. Moreover, the company has been backed by Michael Arrington and Tim Draper.

Currently, Propy doesn’t have any competitors in the US that offer buyers this facility. With that said, RealT is a fractional real estate investment company that enables global investors to invest in US real estate properties via a token-based blockchain network. But Propy’s innovative step to use real-estate-backed NFT in the US will surely open the door for more companies to dabble in crypto and create more opportunities for buyers and brokers to succeed in the real estate world.

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