Florida Property Recently Auctioned Off As An NFT

In what seems to be a first for both real estate and cryptocurrency, a Florida property was recently auctioned off as an NFT (non-fungible token).

The four-bedroom property in Gulfport sold for $653,163 in ETH, and the victorious bidder now has the NFT, indicating ownership on-chain. 50 people signed up for the auction however only 2 actively participated in the bid during the sale.

The deal was hosted and completed by Propy, a blockchain real estate business. "This is only the first sale in our pipeline, and we&39re seeing a lot of demand," Propy CEO Natalia Karayaneva said in a statement.

According to Karayaneva, the home&39s property rights were minted as an NFT, which reduces closure time. The property will be owned by the NFT holder through a LLC (Limited Liability Company) that stores the crypto asset.

Propy previously sold TechCrunch founder Michael Arrington&39s Ukrainian studio apartment for around $113,176 in ETH in 2021.