Auction of World’s First Realty NFT with Ownership Transfer

Propy, the real estate transaction platform, will auction a real estate-backed NFT ? an apartment in Kiev, Ukraine, that previously made history as the first-ever blockchain-based real estate sale. The apartment will be put up

BY Realty Plus
Published - Thursday, 27 May, 2021

Auction of World’s First Realty NFT with Ownership Transfer

Propy, the real estate transaction platform, will auction a real estate-backed NFT ? an apartment in Kiev, Ukraine, that previously made history as the first-ever blockchain-based real estate sale. The apartment will be put up for public auction and won by one history-making bidder. The NFT that transfers real ownership of the property will be auctioned over a 24h period with the initial listing starting at $20k. Details for the NFT sale are available here and will be continuously updated to include property information, FAQ’s, and more. In 2017, this property was sold using blockchain technology to Michael Arrington, founder of TechCrunch and Arrington XRP Capital. The international transaction took place entirely via smart contract on the Ethereum blockchain using cryptocurrency, and was the first-ever property sold and transferred on blockchain. Propy is backed by blockchain investor Tim Draper, and has helped thousands of agents and homebuyers make offers and complete over $1bn worth of transactions via their easy-to-use and secure online platform. “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.” - Natalia Karayaneva, CEO of Propy. This unique collectible NFT includes:Access to ownership transferred paperwork. Apartment picture and Digital art NFT by Kiev graffiti artist, Chizz (a physical painting of the artwork is painted on one apartment wall). The process works like this: the seller signs proprietary-developed legal papers for NFTs to transfer ownership to a future buyer, carries out an NFT auction, and receives payment in cryptocurrency. The auction winner becomes the owner within a minute, after filling out KYC details (name). “It is very exciting to push the innovation and use cases around blockchain technology and real estate. This NFT proof of concept can continue to develop even larger utility inside the DeFi realm, to enable collateralized loans and p2p mortgages.” - Michael Arrington, Founder of TechCrunch and Arrington XRP Capital.