Propy has successfully completed another real property NFT sale from start to finish, the company has announced.
Through Propy’s Web3 and blockchain-powered platform, 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 stated.
A release on the event added that the 24-hour sale was held on Propy’s new NFT Marketplace that was developed exclusively for real property NFTs such as this one. All participants were able to view the offer process in real-time, enabling them to update offers accordingly. The NFT was transferred to the new owner’s Metamask wallet within 15 minutes.
“We have eliminated the “worry and wonder” associated with the purchase process,” says Natalia Karayaneva, Propy’s CEO and founder. “Because the process is transparent, interested buyers and their agents were able to view offer activity and adjust their price points accordingly. They didn’t have to worry about whether or not their offer was accepted or high-enough.”
The sale used the USDC token (considered a “stablecoin,” USDC is “pegged” to the U.S. Dollar, so it doesn’t have the volatility of other cryptocurrencies), Propy explained. Disclosures were prepared and available for review in advance for prospective buyers, who could also tour the property in-person and via a 3D tour.
Propy explains that its proprietary technological and legal framework enables real estate property ownership to be represented as a non-fungible token (NFT). The record of the purchase is placed on the immutable blockchain and provides access to the legal documents. This type of transaction minimizes costs for buyers and streamlines the purchasing process by letting them buy a property in a few minutes. Propy envisions implementing these types of sales globally, providing a single framework for purchasing 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 property in the United States,” says Karayaneva. “NFT sales reached $4 billion in December 2021 and real-world assets will soon represent a significant portion of that market.” She adds that the company has a number of NFT sales scheduled in the coming months across the U.S.
Propy adds that its real estate transaction platform enables an end-to-end experience for agents from the moment they secure a listing to closing the deal. The company uses bank-level security and secure integrations to manage earnest-money transfers. No bank data is stored on the platform and multiple verifications are required before the transfer occurs. Once the transfer is completed, everyone involved in the process is automatically notified and the payment can be tracked with 100% accuracy, they say. Transactions can be handled in dollars, cryptocurrency or as an NFT.
For more information, visit www.propy.com.