In a surprising development, the prominent crypto publication CryptoSlate reported that Propy had revealed its plans to launch an NFT backed by the real estate market. A contemporary style home in the Ukrainian capital, which is owned by Michael Arrington, TechCrunch’s founder, made history as the first of its kind transaction on the blockchain.
For public auction, the house is set to be put on the block to be won by the highest bidder to enter the digital records. The estate will be auctioned in the 24-hour time frame, and the initial bid is likely to start from the 20 thousand dollar mark.
Kyiv’s estate was sold on blockchain to Arrington back in 2017. Interestingly, the transaction took place on the Ethereum blockchain. Backed by famous investor Tim Draper, Propy has helped numerous people to transact over one billion dollars in real estate transactions on a secure and user-friendly platform. In a statement, the company’s CEO Natalia Karayaneva said,
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.
Apart from the property’s ownership, the NFT will include a picture of the estate as well as artwork by the local artists.