Propy has successfully completed another NFT real estate sale from start to finish, the company announced.
Using Propy’s Web3 platform and blockchain, the property, a Tampa Condo, received multiple offers over a 24-hour period and sold for 185,000 USDC. Ownership transferred within 15 minutes, the company said.
A statement on the event added that the 24-hour sale took place on Propy’s new NFT Marketplace which was developed exclusively for real estate NFTs such as this. All participants were able to view the bidding process in real time, allowing them to update bids accordingly. The NFT was transferred to the new owner’s Metamask wallet in 15 minutes.
“We’ve taken the ‘worry and wonder’ out of the buying process,” says Natalia Karayaneva, CEO and Founder of Propy. “Because the process is transparent, interested buyers and their agents have been able to see bid activity and adjust their prices accordingly. They didn’t have to worry about whether or not their offer was accepted or whether it was high enough.
The sale used the USDC token (considered a “stablecoin,” USDC is “pegged” to the US dollar, so it doesn’t have the volatility of other cryptocurrencies), Propy explained. Disclosures were prepared and available for review in advance for potential buyers, who could also view the property in person and via a 3D tour.
Propy explains that its proprietary technology and legal framework allows real estate ownership to be represented as a non-fungible token (NFT). The purchase record is placed on the immutable blockchain and provides access to legal documents. This type of transaction minimizes costs for buyers and streamlines the buying process by allowing them to purchase a property in minutes. Propy plans to implement these types of sales globally, providing a unique framework for buying real estate using blockchain technology.
“At Propy, we have developed all the necessary smart contracts and a compatible legal framework that allows tokenizing any real estate in the United States,” Karayaneva explains. “NFT sales reached $4 billion in December 2021 and real-world assets will soon be a significant part of that market.” She adds that the company has a number of NFT sales planned in the coming months across the United States.
Propy adds that its real estate transaction platform enables an end-to-end experience for agents, from the time they get a listing through to closing the deal. The company uses bank-level security and secure integrations to handle deposit transfers. No bank details are stored on the platform and several checks are required before the transfer takes place. Once the transfer is complete, everyone involved in the process is automatically notified and payment can be tracked with 100% accuracy, they say. Transactions can be processed in dollars, cryptocurrency or NFT.
For more information, visit www.propy.com.