Press Release

Florida Property Recently Auctioned Off As An NFT

Haider Jamal
February 15, 2022

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. &quotThis is only the first sale in our pipeline, and we&amp39re seeing a lot of demand,” Propy CEO Natalia Karayaneva said in a statement. According to Karayaneva, the home&amp39s 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&amp39s Ukrainian studio apartment for around $113,176 in ETH in 2021.

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Haider Jamal

Content Strategist

Haider is a fintech enthusiast and Content Strategist at CryptoWeekly with over four years in the Crypto & Blockchain industry. He began his writing journey with a blog after graduating from Monash University Malaysia. Passionate about storytelling and content creation, he blends creativity with insight. Haider is driven to grow professionally while always seeking the next big idea.