TechCrunch founder Michael Arrington’s Kyiv apartment is about to become the first real estate non-fungible token (NFT). Reports revealed that the apartment would be auctioned on the real estate transaction platform Propy.
Before now, the apartment in Kyiv, Ukraine, was marked as the first-ever blockchain-based real estate to be sold.
In a tweet on the 25th of May, Arrington said, “Buy My House.”
Now, the apartment will be made available to the public with bidding starting at $20,000. Propy explained the details of the auction on its website. According to the details, the NFT that transfers the possession rights will be auctioned for 24 hours. The real estate transaction platform stated that bidding begins on the 8th of June.
Additionally, the apartment sale will include an NFT art piece on the wall, and NFT digital art piece by popular Kyiv graffiti artist, Chizz, and access to ownership transfer paperwork.
Propy CEO Natalia Karayaneva commented:
“This NFT will go down in history. 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. Real estate as an asset class will become a part of the decentralized finance economy.”
According to Arrington, using NFT to sell the apartment is innovative and such an exciting experience. He added that the NFT proof of concept could continue to develop to allow collateralized loans and peer-to-peer mortgages.
Image Credits: Pixabay
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