Propy’s sale of NFT-tied Florida home nets over $650K

Propy, a real estate blockchain company, sold its first property in the United States on February 8.

The property, based in Florida, was sold for $653,163 or 210 ETH, after receiving 3000 potential bidders. “This is just the first seller in our pipeline and we’re seeing a lot of demand,” said Natalia Karayaneva, CEO of Propy, in a statement.

The sale drew attention for the fact that, as part of the deal, the owner receives a non-fungible token as digital proof-of-ownership. As noted by the Tampa Bay Times, the condo was previously owned by Leslie Alessandra, founder of a crypto company called DeFi Limited. Among other properties, the sale of a condo in Florida under similar conditions is forthcoming. 

Propy has built its own contracts but runs on the Ethereum blockchain. The record of the purchase is documented on-chain and provides access to documents that show ownership of the property. Propy’s plan is to scale this technology globally, said Karayaneva, in an interview with The Block.

In 2021, Propy facilitated the first-ever sale of an apartment via NFT in Ukraine. To date, the company has also raised over $16 million in venture capital and is backed by the likes of Tim Draper and Michael Arrington.