First-Ever NFT House Sold

Propy the real estate startup announced on Friday the sale of the first NFT-backed property in the US.

The Gulfport Florida home auctioned for $653,000 (210 ETH), with the winning bidder nabbing an NFT as a certificate of ownership.

The arrangement is a bit convoluted, as the token is not actually linked to a deed of ownership instead of being linked to an LLC that owns the physical asset. This is a big moment for NFTs as it shows the continued growth within the sector that only makes up 16 billion of the crypto markets $2trillion market capitalization.

The NFT will also be enabled to be used as collateral for crypto investors and borrowers. The sale comes at a time when NFT lending services are beginning to find their stride.

“We’ve gotten hundreds and hundreds of requests from sellers to sell their homes all over the U.S.,” Propy CEO Natalia Karayaneva told CoinDesk in an interview. “The next big sale will be in Tampa again, it’s a condo that is worth between $200,000 to $300,000.”

Propsys first nft-backed property sale was revealed last May, as the company auctioned off TechCrunch CEO Michael Arrington’s Ukraine apartment.

Originally listed at $650,000 the home sold for just $3,000 over that, despite the lead-up to the sale garnering much media attention, with 7,000 individuals signing up before the auction.

While this sale only accepted bids in ETH, the company is said to be switching to USDC for the rest of the partnerships they have coming up, due to concerns of volatility with ETH.