Propy writes history again in the most crypto-friendly state
Florida – the home of the first US real estate NFT
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Here is what you
need to know
Why Would Someone NFT Their Property?
Royalty fees and innovation
Homeowners and real estate agents who are NFT-ing real estate, can learn how it works and can be part of history. Also, whoever NFTs a property first can be entitled to receive royalty fees from secondary sales.
Crypto adoption and easiness of a transaction
The interest in real estate from the crypto community will be driven by the common desire to transact easily on-chain using cryptocurrency. A crypto holder most likely will invest a small percentage of their returns into any tangible real world asset if the process is crypto-friendly and simple. This is exactly what the NFT-enabled sale process offers.
Collectible real estate
The initial use cases might be driven towards assets most relatable to collectibles before mass adoption of NFTs in the real estate industry more broadly. Trophy real estate is incredibly high in demand, but also short in supply. Its risk/return ratio is more optimized than other real estate assets. Typically located in super-prime or prime locations, these assets are generally a status symbol with well-known name recognition, a landmark, or an iconic building located at a prestigious prime address with strong underlying property fundamentals such as unique and distinctive design architecture, the finest construction, or the highest quality finishes available on the market.
Trophy real estate owned by celebrities, or in prime location, or with unique digital art and architecture can be regarded as a collectible. The level of pride of ownership is very high, and the purchased price is almost irrespective of the trading potential of the property, just like with other collectibles.