Propy

History

2021: Organization of apartment sale at NFT-auction

At the end of May 2021, it became known about the upcoming first transaction for the sale of real estate using non-replaceable tokens (NFT). We are talking about the apartment of the founder of the TechCrunch, Michael Arrington, located in Kiev. The transaction will be carried out through a blockchain platform for real estate operations Propy (a startup with Russian roots).

The process of selling real estate through NFT will look like this: the seller will sign legal documents for NFT to transfer ownership to the future buyer, hold an auction and receive payment in cryptocurrency. The winner of the auction becomes the owner after completing personal data, which will take no more than a minute, Propy said.

In Kiev, an apartment for the first time in the world will be sold at an NFT auction

The unique unimaginable token that the buyer will receive will include:

• access to property through an automatic transfer system;
• NFT-token of the work of the popular Kiev graffiti artist Chizz (a physical version of digital work is applied to a wall in an apartment);
• a picture of the apartment.

As explained in Propy, the NFT token is sold as a company with an apartment on the balance sheet, so a new entry in the real estate registry is not needed. The process is repeated each time this NFT is resold, which keeps the new owner confidential.

This NFT sale will go down in history. For Propy, this is an important milestone in combining blockchain technology and non-interchangeable tokens (NFT) for conducting real estate transactions with automatic control. Real estate as an asset class will become part of a decentralized financial economy, "said Propy CEO Natalya Karayaneva.

Michael Arrington at one time bought an apartment in Kiev for cryptocurrency "ether" using blockchain. In June 2021, it will be sold from an NFT auction at a starting price of $20 thousand.^[1]

Notes