By Nilam Mukherjee By Nilam Mukherjee | May 26, 2021 | Culture
From digital art to music and more, there really isn’t anything holding back the opportunities in the world of NFTs. Propy, a blockchain verified platform for selling properties, has just expanded the limits to auctioning off a real apartment as an NFT.
The auction held will be for the NFT attached to a new one-bedroom apartment located in Kiev, Ukraine. The cyber-currency transaction startup made history with the first-ever blockchain-based real estate sale of the same apartment back in 2017.
While all the NFT auctions you’ve likely heard of consist of mainly digital assets, this transaction will make an impressive development in stretching the NFTs applications.
See also: Italy's Uffizi Gallery Sells Michelangelo Painting as an NFT
Once the auction is over, the owner of the NFT will receive both the apartment along with a digital artwork NFT by Kiev graffiti artist Chizz, apartment photos, 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,” stated Natalia Karayaneva, CEO of Propy. “For Propy it is a major milestone in leveraging the promise of blockchain technology and non-fungible tokens (NFT) to achieve ‘self-driving’ real estate transactions and real estate participation in the decentralized finance economy.”
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“Coming at this from a crypto angle, we’ve seen what happens how DeFi gets plugged into credit markets. If I have an NFT or any DeFi asset I can then borrow against it, without a middleman,” Stated Arrington. “Right now, if I have a real piece of real estate, there is 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 of the costs in terms of speed and how long it takes... I think that 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 big idea.”
Bidding for the NFT begins on June 8, 2021, at a starting price of $20,000 on Propy's website. The auction will be live for 24 hours.
Read more about the upcoming auction via TechCrunch.