The World’s First Real Estate NFT
TechCrunch Founder, Michael Arrington’s Kyiv Apartment sold in world’s first NFT Real Estate Auction!
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The apartment, which was the first property to be sold using blockchain technology back in 2017, was owned by Michael Arrington, founder of TechCrunch and Arrington XRP Capital. Arrington decided to sell the apartment (located in Kyiv, Ukraine) as an NFT to further showcase the power of blockchain technology to innovate the real estate industry.
“I’m very excited to have bought the first real-estate NFT from Michael Arrington with Propy,”
says new owner, Devon Bernard.
“This historic property will be the first of many, as crypto evolves the real estate industry.”
WSJ, 2017: An Entire Real Estate Deal Takes Place Online, Using Cryptocurrency Technology
About the NFT
An NFT Art Piece on a wall as well as a printed cyberpunk picture also was included with the sale. This unique collectible NFT included:
Chizz is a leading street art and mural artist of Ukraine. His clients include Pepsi, Lays, M17 the Contemporary Art Center, Ukrainian Premier League, Silpo & more.He has also sold NFTs on Foundation. His current works may be seen on instagram.
How it worked
In order to sell the apartment as an NFT, the process operated slightly differently than a traditional real estate sale. The ownership of the property was actually held and recorded in Ukraine as a US LLC. The auction winner became the owner of the NFT that gives the rights to the LLC, with Arrington signing proprietary-developed legal papers for NFTs to transfer ownership to all future buyers. Propy developed the smart contracts, the legal framework that is suitable for the US market and will soon launch a real estate NFT auction platform for the upcoming NFTs. Thus agents and consumers can choose between Propy Offers solution to make normal offers, and NFT auction to make public offers. For this particular auction Propy partnered with the Seen Haus to conduct the bidding and Helio Lending to secure financing to future real estate NFT owners.
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