Propy issues real estate-backed NFTs in the US

Blockchain company Propy, announced the release of the first NFTs

Blockchain real estate company Propy has announced the issuance of the first US real estate-backed NFTs. On February 8, as part of its ambitious initiative, the company will auction two residential properties in Florida.

Last year, real estate platform Propy held its first apartment sale using NFT. TechCrunch founder and crypto investor Michael Arrington has auctioned his Kiev apartment in the form of a real estate-backed NFT. By doing so, he wanted to show the potential use cases for this asset class.

Propy has become an active participant in the crypto market, facilitating the purchase of blockchain-based real estate since 2017, but this time the property is being tokenized in the form of an NFT for the first time.

In December 2021, NFT sales reached $4 billion, and real assets will soon make up a significant part of this market,” said Natalya Karayaneva, CEO of Propy.

Karayaneva said that the company has developed all the necessary smart contracts and a compatible legal framework that will allow it to tokenize any real estate in the United States. The company plans to implement this solution on a global level, providing a single basis for the purchase of real estate using blockchain technology.

Propy provides agents and brokers with a one-stop platform that allows them to handle the entire real estate sale process, from listing to closing. The site has bank-level security for managing money transfers, conducting multiple checks before transferring funds.

Transactions on the platform can be carried out in dollars, cryptocurrencies and in the form of non-fungible tokens (NFTs), a purchase record is placed on an immutable blockchain.

According to the company, this development minimizes costs for buyers and simplifies the purchase process by reducing the purchase process to a few minutes.

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