Blockchain startup Propy is bringing NFT utilities to the real-estate industry.
After selling an apartment in Ukraine as an NFT last year, the company is launching the same in the US.
By exploiting smart contracts, Propy is launching real-estate backed NFTs, starting with the auctioning of two residential properties in Florida on February 8.
According to the company, the record of the purchase is available on the blockchain, providing legal documents signifying ownership.
They believe this will reduce the cost of the property and even bring down the time one can make a purchase to just a few minutes.
The NFT buyer will own a U.S.-based entity that owns the property, whose ownership rights are associated with the NFT. In the process, the NFT becomes a DeFi asset that can even be borrowed against.
“At Propy we have developed all the necessary smart contracts and a compatible legal framework that allows tokenizing any real estate property in the United States. NFT sales reached $4 billion in December 2021, and real-world assets will soon represent a significant portion of that market”.Natalia Karayaneva, CEO of co-founder of Propy
If the Florida sale goes smoothly, Propy has ambitions to take their idea global. The company has so far raised $16 million.