TechCrunch Founder, Michael Arrington’s Kiev Apartment Made History in 2017 Blockchain Sale, Now to Be Sold as NFT, aka non-fungible tokens.
Propy, the real estate transaction platform, will auction a real estate-backed NFT − an apartment in Kiev, Ukraine, that previously made history as the first-ever blockchain-based real estate sale.
The apartment will be put up for public auction and won by one history-making bidder. The NFT that transfers real ownership of the property will be auctioned over a 24-hour period with the initial listing starting at $20,000. Details for the sale are available here and will be continuously updated to include property information, FAQ’s, and more.
In 2017, this property was sold using blockchain technology to Michael Arrington, founder of TechCrunch and Arrington XRP Capital. The international transaction took place entirely via smart contract on the Ethereum blockchain using cryptocurrency, and was the first-ever property sold and transferred on blockchain.
“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 to achieve self-driving real estate transactions. Real estate as an asset class will become a part of the decentralized finance economy,” says Natalia Karayaneva, CEO of Propy.
This unique collectible NFT includes:
- Access to ownership transferred paperwork
- Apartment picture
- Digital art NFT by Kiev graffiti artist, Chizz (a physical painting of the artwork is painted on one apartment wall)
The process works like this: the seller signs proprietary-developed legal papers for NFTs to transfer ownership to a future buyer, carries out an NFT auction, and receives payment in cryptocurrency. The auction winner becomes the owner within a minute, after filling out some details.
This real estate-backed NFT is a prime collectible asset with transferable digital ownership rights.