The Revolution in the Real Estate Market is in NFT and it’s Here to Stay

Currently NFT properties have been sold in Ukraine and the United States and they are working to expand further.  

The real estate market already existed in the metaverse, where you can buy real estate virtually. However, we are talking about buying real-world properties through NFT contracts backed by the blockchain on the Ethereum network, through a real estate startup, a pioneer in this type of contracts, determined to change the rules of real estate named Propy. 

The main difference with this type of contracts is that they are decentralized, possessing this feature gives greater insurance to the owner and the buyer of a transaction concreted according to their own set of rules or agreements. It is also worth mentioning that the process is much faster than a traditional real estate purchase and commission costs are reduced for both buyers and sellers. 

Propy offers NFT properties on its platform where interested users can view property details and bid. This is safe for buyers as Propy acts as a third party that holds the money until all agreements made between the parties involved have been fulfilled. The platform has millions of dollars in venture capital and has the backing of its investors to secure each transaction. 

The procedure to follow is detailed in Propy’s Whitepaper, where the property owner hires Propy and the platform becomes the property administrator after signing the contracts and making the required checks. As the administrator, Propy creates a NFT smart contract where all the property documents are stored, that NFT is published as an auction, the winner goes through a KYC/AML process and their name is attached to the wallet address. Propy unlocks the payment to the seller and the property documents to the buyer. Through this process the NFT owner becomes the owner of the property and can make use of it. 

The first NFT property Propy sold (and the first ever) was in 2017 when an entrepreneur sold his apartment in Kiev, Ukraine for 36 ETH. This year 2022 Propy did it again with a property in Florida, USA sold for 210 ETH becoming the first such transaction in US history and they continue to post new buying opportunities.  

This change is here to stay, as well as Propy, new platforms have emerged that follow the path to decentralize processes and make more and more types of procedures easier for people to carry out. Likewise, people are looking for this type of platforms to make more secure and personal transactions.