{"id":12743,"date":"2021-06-10T18:25:39","date_gmt":"2021-06-11T01:25:39","guid":{"rendered":"https:\/\/propy.com\/browse\/?p=12743"},"modified":"2022-01-24T03:12:47","modified_gmt":"2022-01-24T11:12:47","slug":"propy-successfully-auctions-worlds-first-real-estate-nft","status":"publish","type":"post","link":"https:\/\/propy.com\/browse\/propy-successfully-auctions-worlds-first-real-estate-nft\/","title":{"rendered":"Propy Successfully Auctions World\u2019s First Real Estate NFT"},"content":{"rendered":"\r\n

TechCrunch Founder, Michael Arrington\u2019s Kyiv Apartment makes history once again as property sells for nearly 5x starting bid.\u00a0\u00a0\u00a0<\/h4>\r\n\r\n\r\n\r\n
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June 9th, 2021, San Francisco, CA \u2212 Propy<\/a>, the world\u2019s leading real estate industry innovator in transaction automation using blockchain technology, successfully minted and auctioned the first real estate NFT.  <\/p>\r\n\r\n\r\n\r\n

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.<\/p>\r\n\r\n\r\n\r\n

\u201cI\u2019m very excited to have bought the first real-estate NFT from Michael Arrington with Propy,\u201d<\/p><\/blockquote>\r\n\r\n\r\n\r\n

says new owner, Devon Bernard.\u00a0<\/p>\r\n\r\n\r\n\r\n

\u201cThis historic property will be the first of many, as crypto evolves the real estate industry.\u201d\u00a0\u00a0<\/p><\/blockquote>\r\n\r\n\r\n\r\n

\u201cI\u2019m thrilled with the results of the auction and the work our partners and our team did to bring this project to fruition.\u00a0 It\u2019s a major milestone in leveraging the promise of blockchain technology and non-fungible tokens (NFT) to achieve self-driving real estate transactions.\u201d \u00a0 <\/p><\/blockquote>\r\n\r\n\r\n\r\n

– Natalia Karayaneva, CEO of Propy.<\/p>\r\n\r\n\r\n\r\n

In order to sell the apartment as an NFT, the process operated slightly differently than a traditional real estate sale.\u00a0The ownership of the property was actually held and recorded in Ukraine as a US LLC.\u00a0The 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\u00a0 Seen Haus to conduct the bidding and Helio Lending to secure financing to future real estate NFT owners.<\/p>\r\n\r\n\r\n\r\n

\u201cThe benefits of this type of ownership are groundbreaking,\u201d <\/p><\/blockquote>\r\n\r\n\r\n\r\n

says Varun Bajaj a real estate attorney and cryptocurrency expert.\u00a0 <\/p>\r\n\r\n\r\n\r\n

\u201cFuture ownership can now be transferred instantly on the blockchain by anyone, anywhere \u2013 it truly is an example of global, peer-to-peer financing.\u201d\u00a0\u00a0<\/p><\/blockquote>\r\n\r\n\r\n\r\n

Propy has plans to handle more NFT property sales in the future.\u00a0 <\/p>\r\n\r\n\r\n\r\n

\u201cOver 100 people have reached out to us to sell their properties, and we\u2019re excited to help them.\u201d <\/p><\/blockquote>\r\n\r\n\r\n\r\n

says Karayaneva<\/p>\r\n\r\n\r\n\r\n

Details about the sale can be found here<\/a>. <\/p>\r\n\r\n\r\n\r\n

Propy is backed by blockchain investor Tim Draper, and has helped thousands of agents and homebuyers make offers and complete over $1bn worth of transactions via their easy-to-use and secure online and on-chain platform.\u00a0<\/p>\r\n\r\n\r\n\r\n

About Propy<\/strong><\/h3>\r\n\r\n\r\n\r\n

Propy is a leading innovator in the real estate industry, building self-driving transactions. Propy makes property purchase transactions easier by bringing agents and consumers together in a secure environment. Propy Offers help agents and consumers win offers; and Propy Transaction Platform enables agents, consumers and title companies to easily manage all phases of a sale online. Purchase offers, payments and deeds are processed on the immutable blockchain. Worldwide, the company has assisted in over 1,000 real estate transfers. Closing deals via NFT-ing property ownership can ease the life of the consumer and the agent and unlock the equity liquidity. Learn more at Propy.com<\/a><\/p>\r\n","protected":false},"excerpt":{"rendered":"

TechCrunch Founder, Michael Arrington\u2019s Kyiv Apartment makes history once again as property sells for nearly 5x starting bid.\u00a0\u00a0\u00a0 June 9th, 2021, San Francisco, CA \u2212 Propy, the world\u2019s leading real estate industry innovator in transaction automation using blockchain technology, successfully minted and auctioned the first real estate NFT.   The apartment, which was the first property… Read More »Propy Successfully Auctions World\u2019s First Real Estate NFT<\/span><\/a><\/p>\n","protected":false},"author":2,"featured_media":12744,"comment_status":"open","ping_status":"open","sticky":false,"template":"","format":"standard","meta":{"neve_meta_sidebar":"","neve_meta_container":"","neve_meta_enable_content_width":"off","neve_meta_content_width":70,"neve_meta_title_alignment":"","neve_meta_author_avatar":"","neve_post_elements_order":"","neve_meta_disable_header":"","neve_meta_disable_footer":"","neve_meta_disable_title":"","footnotes":""},"categories":[5579,256,255,4106,7770],"tags":[],"yst_prominent_words":[11063,7986,2817,2828,380,484,7985,11704,1837,419,847,374,864,4660,4659],"class_list":["post-12743","post","type-post","status-publish","format-standard","has-post-thumbnail","hentry","category-blockchain","category-community","category-all","category-news","category-pr"],"acf":[],"_links":{"self":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts\/12743","targetHints":{"allow":["GET"]}}],"collection":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts"}],"about":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/types\/post"}],"author":[{"embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/users\/2"}],"replies":[{"embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/comments?post=12743"}],"version-history":[{"count":1,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts\/12743\/revisions"}],"predecessor-version":[{"id":12759,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/posts\/12743\/revisions\/12759"}],"wp:featuredmedia":[{"embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/media\/12744"}],"wp:attachment":[{"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/media?parent=12743"}],"wp:term":[{"taxonomy":"category","embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/categories?post=12743"},{"taxonomy":"post_tag","embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/tags?post=12743"},{"taxonomy":"yst_prominent_words","embeddable":true,"href":"https:\/\/propy.com\/browse\/wp-json\/wp\/v2\/yst_prominent_words?post=12743"}],"curies":[{"name":"wp","href":"https:\/\/api.w.org\/{rel}","templated":true}]}}