A home in Gulfport, Florida will be auctioned off as an NFT. Real Estate Technology company, Propy, will be minting the property through a digital auction. The NFT will hold the rights to the house, in a digital form, while also serving as the LLC. This will protect the rights and ownership of the property.
This will be the second property to be sold as an NFT by Propy, following the sale of TechCrunch founder, Micheal Arrington’s, Kyiv Apartment for 36 ETH.
Why Sell A Property As An NFT?
The current owner of the property, Leslie Alessandra, stated she chose to list the home as an NFT to demonstrate the use of evolving technology.
“Is this just hype or is there a real world application? (The auction) is really to stimulate conversation,”
Leslie Alessandra on Tampa Bay Times
Whats The Paperwork Like?
The legal landscape of asset ownership has had to evolve quickly in the past few years to accommodate the adoption of digital assets, and this is no exception.
Any purchase of a property must be recorded in the county’s recorders office, this is to facilitate the transfer of ownership rights. A legal entity must exist to transfer the property to, which is where NFTs are used in more public scenes, representing an LLC.
–> The sale takes place on the 8th Of February, with over 2000 people signed up to witness the first sale of a house as an NFT in the U.S.
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