A House In Florida Is Being Sold as NFT

NFTs are becoming trendy lately especially with the rise of numerous NFT buying platforms over the past year. The concept of an NFT is interesting and many people are curious to try this new technology out. They’ve always been associated with digital assets and collectibles. However, NFTs are evolving and this time they might make an impact on the world of real estate with this shocking piece of news. 

Florida House To Be Auctioned as an NFT

The real estate community will find this news shocking as a Florida home has made history in the world of real estate. Allegedly this piece of real estate will be sold off as an NFT (non-fungible token). Propy, a real estate startup will be hosting this auction. What’s more, is that they will accept any form of digital assets which is good news for people who have invested in cryptocurrencies and other forms of digital assets.

The Floridan home is located in Tampa Bay and it is a 2,162-square-foot large home containing three and a half bathrooms and five bedrooms. The home is currently being auctioned as an NFT with an initial bid of $650,000.

Should anyone successfully purchase this NFT, then they would technically own a piece of US property via ownership rights of the NFT. This NFT would then be stored in their crypto wallet where it is safe.

Propy noted that the owner of this home should be able to use it as collateral when taking a loan via DeFi (decentralized finance) protocols. The startup remarked that it’s also technically a DeFi asset that can be borrowed against. 

Business professor Balaji Padmanabhan from the University of South Florida remarked that the appeal of the home is its instant ownership and being technically legal. The professor added that this shocking piece of news shows the huge potential of NFTs and DeFi technology when it comes to real estate. Padmanabhan says that if this keeps up then it might be possible for people to use blockchain technology in the future to get a mortgage. 

The seller of the home, Leslie Alessandra happens to be a person who is well acquainted with the crypto market ad industry. Alessandra happens to be the co-founder of DeFi Unlimited and she is known for using her money to invest in both crypto assets and real estate. 

Propy says that the interest in real estate by crypto investors will form a common desire for them to use their crypto assets. The startup mentions that crypto holders will most likely invest their digital assets into something tangible in the real world and that is where the demand for real estate NFTs will come from. 

Conclusion

This is shockingly good news for everyone who has invested in digital assets. It’s a sign that NFTs are expanding their horizon and aren’t just limited to artworks and collectibles. If this trend keeps up then people will be able to use their hard-earned cryptocurrencies to buy something tangible and useful like a home.

* We hope this information will help you in your investment process, but this is not investment advice. Every investment carries risk, especially in this industry, so DYOR before making a decision.