TechCrunch Founder’s Kiev Apartment Becomes First Real Estate NFT

Propy, the real estate transaction platform, will soon be auctioning a non-fungible token (NFT) backed by real estate, in accordance with a version of CryptoSlate.

Going under the hammer is a modern apartment in Kiev, Ukraine (owned by TechCrunch founder Michael Arrington) that previously made history as the very first blockchain-based real estate sale.

In 2017 I bought a condo in Kiev using ETH. For the very first time, the transfer of title has been recorded on a blockchain. https://t.co/Ej4O6khlPw

– Michael Arrington 🏴‍☠️ (@arrington) May 25, 2021

The apartment will be put on the block for a public auction to be won by a lucky bidder to enter the crypto history books. The NFT that transfers beneficial ownership of the property will be auctioned over a 24 hour period, with the initial listing starting at an affordable price of $ 20,000.

Details of the sale are available at Propy and will be regularly updated to include property overviews, FAQs, auction countdown and terms.

Blockchain apartments and NFT memories

In 2017, this real estate property was sold entirely using blockchain technology to Michael Arrington, founder of tech news site TechCrunch and Arrington XRP Capital. The transaction took place entirely through Ethereum smart contracts and was the first to be sold and transferred to the blockchain.

Propy, which is backed by famed blockchain investor Tim Draper, has since helped thousands of U.S. agents and homebuyers bid and complete over $ 1 billion in transactions through a platform. easy to use and secure online form.

“This NFT will go down in history. For Propy, this is a major step in leveraging the promise of blockchain technology and non-fungible tokens (NFTs) to achieve self-sustaining real estate transactions. Real estate as an asset class will be part of the decentralized financial economy, ”Natalia Karayaneva, CEO of Propy, said in a statement.

As such, the NFT will include: Access to transfer of ownership documents, apartment image and unique NFT digital art by popular Kiev graffiti artist Chizz (a physical painting of the digital work is painted on a wall in the apartment).

First, you can get a “mortgage” without ever talking to a stinky bank. And second, it allows for much simpler transfers. Transfer the token, you have transferred ownership.

– Michael Arrington 🏴‍☠️ (@arrington) May 25, 2021

The process works as follows: The seller signs legal documents developed by owners for NFTs to transfer ownership to a future buyer, conducts an NFT auction, and receives payment in cryptocurrency. The winner of the auction becomes the owner within a minute, after filling in the KYC (name) details.

Meanwhile, Arrington noted that using NFTs to sell an apartment was innovative. “It’s very exciting to push innovation and use cases around blockchain technology and real estate,” he said.

Arrington concluded: “This proof of concept from NFT may continue to develop even greater utility in DeFi, to enable secured loans and p2p mortgages.”

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