2 years ago
Real property startup Propy has sold its archetypal NFT-backed spot successful the U.S., the institution announced Friday.
The 2,164-square-foot location successful Gulfport, Florida, fetched $653,000 (210 ETH) astatine auction, with the winning bidder being awarded a non-fungible token (NFT) arsenic impervious of the home’s ownership.
The logistics of the NFT itself are a spot analyzable – the token is linked to the ownership of an LLC that owns the carnal asset, not the lodging deed itself – but represents continued experimentation successful a assemblage that accounts for $16 billion, oregon astir 1%, of the crypto market’s $2 trillion marketplace capitalization.
Propy says the NFT tin beryllium utilized arsenic collateral for crypto borrowers and investors. The merchantability comes astatine a clip erstwhile the marketplace for NFT lending services is beginning to find its stride.
“We’ve gotten hundreds and hundreds of requests from sellers to merchantability their homes each implicit the U.S.,” Propy CEO Natalia Karayaneva told CoinDesk successful an interview. “The adjacent large merchantability volition beryllium successful Tampa again, it’s a condo that is worthy betwixt $200,000 to $300,000.”
Propy’s first-ever NFT-backed spot merchantability came past May, erstwhile the institution auctioned disconnected TechCrunch CEO Michael Arrington’s Ukraine apartment.
While the Florida merchantability garnered immoderate hype successful the days starring up to it, the auction itself was thing but a bidding war. Despite implicit 7,000 radical signing up to bid connected the home, which lone accepted bids successful ETH, the spot sold for conscionable $3,000 implicit its archetypal asking terms of $650,000.
Karayaneva told CoinDesk that Propy has 3 upcoming partnerships successful spot with lending protocols, 1 being with Helio.
While the Thursday merchantability lone accepted bids successful ETH, the company’s upcoming income volition beryllium paid successful USDC successful an effort to trim concerns of volatility. Propy besides plans connected offering decentralized concern (DeFi) mortgages to its users successful the coming months, according to Karayaneva.
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