Story at a glance
- Real estate technology company Propy announced it would be selling a home in Florida as an NFT.
- That means the home will be sold through digital only tokens and the auction winner will be given ownership rights to a U.S.-based entity that owns the home.
- The auction starts at $650,000 for a roughly 2,000-square-foot home.
A home in Florida is being sold through an online auction as an NFT, the first piece of U.S. real estate to be sold as a digital token.
Real estate technology company Propy announced it would be selling a Gulfport, Fla., home as an NFT, which includes ownership rights to the property starting at $650,000, as well as a custom mural by a local Florida artist.
NFTs are digital-only tokens that establish enhanced privacy and exclusive ownership of digital content. They are considered collectibles and can become extremely valuable.
They have mostly been used to sell artwork and digital content.
Propy said, however, that the auction winner will own a U.S.-based entity that owns the roughly 2,000-square-foot Florida home.
The seller, Leslie Alessandra, is an avid investor in both real estate and cryptocurrency, according to Propy. Alessandra is a Florida native who “believes in the benefits of blockchain technology for both industry and efficiency and humanitarian causes.”
Alessandra’s property is described as a Spanish-inspired estate that has five bedrooms and three and half bathrooms, inclusive of a separate guest garden suite. It’s also located near the Gulf of Mexico at St. Pete Beach.
Propy says the benefits of selling property through NFTs include royalty fees paid to homeowners and real estate agents, as well as enabling an easy transaction process that typically results in the crypto holder investing a small percentage of their returns into a tangible real-world asset.
It also creates the opportunity to treat real estate as a collectible, with Propy saying “trophy real estate” is in high demand but short supply as its real estate located in “super prime” locations, considered a status symbol with well-known name recognition.
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