Propy closes first US bid after selling NFT-backed property for $650K

Global real estate firm Propy made its first US sale this Friday after auctioning off a five-bedroom, three-and-half-bath house near Tampa, Florida. The house was sold for 210 ETH or $653,000 at the time of purchase.

The sale was conducted via an auction which saw over 3,000 buyers indicating their interest in the property. However, only 50 bidders went through the auction process and verified their identities.

Propy sold the 2,164-square-foot house by transferring ownership to a limited liability company and, thereafter automatically handing over the proof-of-ownership (in the form of an NFT) to the buyer. The NFT can also be collateralized for interested crypto borrowers and investors.

The process of transferring ownership to an LLC makes the process a lot smoother, which is usually burdensome for many. Unlike before, Propy claims to remove barriers that come with buying and selling a property. Natalia Karayaneva, the CEO and founder of Propy, told Fortune:

“The only bureaucratic process that we had during the auction was a five-minute process of going through the KYC verification where the bidders had to provide their names and their ID and connect their wallet.”

Propy made its first NFT-backed sale in 2021 after selling TechCrunch CEO Michael Arrington’s Ukraine apartment.

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