This actual apartment is auctioned as NFT

From digital art to music and more, nothing really holds back the opportunities in the world of NFTs. Propy, a blockchain verified platform for the sale of properties, has just extended the boundaries of auctioning a real apartment as an NFT.

The auction will be for the NFT attached to a new one-bedroom apartment located in Kiev, Ukraine. The cyber-currency transaction start-up made history with the very first blockchain-based real estate sale of the same apartment in 2017.

While all of the NFT auctions you have probably heard of are mostly digital assets, this deal will bring impressive development by expanding NFT applications.

See also: Uffizi Gallery in Italy sells painting by Michelangelo as NFT

After the auction is over, the owner of the NFT will receive both the apartment as well as an NFT digital artwork by Kiev graffiti artist Chizz, photos of the apartment and access to the ownership transfer paper. .

The apartment is currently owned by Michael Arrington, founder of TechCrunch.

“This NFT will go down in history,” said Natalia Karayaneva, CEO of Propy. “For Propy, this is a major step in leveraging the promise of blockchain technology and non-fungible tokens (NFTs) to achieve“ stand-alone ”real estate transactions and real estate participation in the financial economy decentralized. “

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“Looking at it from a cryptographic perspective, we’ve seen what’s going on how DeFi connects to the credit markets. If I have an NFT or DeFi asset, then I can borrow against it, with no middleman, ”Arrington said. “Right now, if I have real real estate, there’s no way for me to borrow against it, without a middleman, because I have to go through a bank and get a mortgage or whatever. And it’s also the friction, all the costs in terms of speed and how long it takes … I think the idea of ​​an NFT representation of a real world asset purely from the point of view of ease of trade and ease of access to credit markets is a great idea. “

Auctions for the NFT begin on June 8, 2021, starting at $ 20,000 on the Propy website. The auction will last 24 hours.

Learn more about the upcoming auction via TechCrunch.