Earlier this week, news broke about a sale on a flat in Kiev, Ukraine for Bitcoin, the first property in the world to be sold for cryptocurrency. The buyer of the flat, a native of Kyrgyzstan currently living in the United States, was excited to know that he was purchasing the first ever real property in the world for NFTs (non-fungible tokens, a term for unique tokens that are entirely unlike any other tokens). He hopes that this purchase will inspire more people to buy into the paradigm shift in real estate ownership.

When you think of non-fungible tokens (NFTs), you probably think of collectible items such as Cryptokitties, or the gaming items in Etherbots and Decentraland. But there’s a new contender in the NFT game: real estate. And, thanks to blockchain technology, you can now buy and sell an apartment in Ukraine, as well as other real estate properties. This year’s team was determined by a random drawing, held by the hackathon sponsor Bitquick. The team has five members and will work on the project for a full 24-hours (with breaks). The judges are Jeff Pulver, founder of Vonage; Bill Barhydt, founder of Abra; and Erik

Aptly titled “Buy My Apartment,” the NFT represents a 30% share in the Kiev apartment of TechCrunch founder Michael Arrington. The property includes the apartment and its furnishings, individual ventilation, a private entrance from the street, a kitchen, two bathrooms, a garage, terrace, and a private yard. Blog INT: When Michael Arrington first started TechCrunch, he wasn’t sure how long he’d be in the U.S., so he rented the apartment overlooking Kiev’s historic Poteshnyak Square. When he decided to launch CrunchFund, TechCrunch’s seed-stage investment vehicle, he put down more money for a 30% share in

Propy, a real estate transaction platform, will soon auction a non-fungible token (NFT) backed by real estate, it said in a … A modern apartment in Kiev, Ukraine (owned by TechCrunch founder Michael Arrington), which previously made history as the first blockchain-based real estate sale, will go under the hammer. In 2017, I bought an apartment in Kiev with ETH. For the first time in history, the transfer of property has been recorded on the blockchain. https://t.co/Ej4O6khlPw – Michael Arrington ☠️ (@arrington) 25. May 2021 The apartment will be publicly auctioned off to be won by one lucky person who will make cryptocurrency history. The NFT, which transfers title, will be auctioned off within 24 hours with a starting price of $20,000. Auction details are available on the Propy website and are updated regularly, including item previews, FAQs, auction countdown and terms and conditions.

Blockchain housing and storage NFT

In 2017, this property was sold entirely via blockchain technology to Michael Arrington, founder of tech news site TechCrunch and Arrington XRP Capital. The transaction was completed entirely via Ethereum smart contracts and was the first ever sale and transfer on the blockchain. Propy, which is backed by famed blockchain investor Tim Draper, has since helped thousands of U.S. brokers and buyers make offers and close more than $1 billion in deals through an easy-to-use and secure online platform. This NFT will go down in history. For Propy, this is an important step in harnessing the power of blockchain technology and non-gambling tokens (NFTs) to conduct self-directed real estate transactions. Real estate as an asset class will be part of decentralized financing, Natalia Karayaneva, CEO of Propy, said in a statement. So the NFT would include: Access to documents of ownership transfer, photo of the apartment and unique digital artwork NFT by popular Kiev graffiti artist Chizz (physical digital artwork painted on the wall of the apartment). First, you can get a mortgage without having to go to a bank. Second, it makes transfers much easier. By transferring the token, you have transferred ownership. – Michael Arrington ☠️ (@arrington) 25. May 2021 The procedure is as follows: The seller signs the NFT legal documents he has prepared to transfer the property to the potential buyer, proceeds with the NFT auction and receives payment in cryptocurrency. The winner of the auction will become the owner within one minute of entering the KYC details (name). Meanwhile, Arrington noted that using NFT to sell the house was innovative. It is very interesting to promote innovation and options for the use of blockchain technology in real estate, he said. Arrington closed by saying: This NFT proof of concept may develop even more utility in DeFi to secure secured loans and p2p mortgages.

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At least 200,000 Ukrainian citizens have purchased NFTs during the past year and a half. Individuals have purchased more than $60 million in real estate since the beginning of 2019 alone using the Safe Haven platform.  In order to make this possible, Safe Haven signed a Memorandum of Understanding with the Ministry of Digital Development and Reform of Ukraine. 1.3. SEO. Read more about propy offer management and let us know what you think.

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