Blockchain Technology Is Changing The Real Estate Industry
On February 10, 2022, the first NFT-based property was bought through an auction on Propy, a blockchain-focused real estate company. The Florida home was sold for $653,163 worth of Ether, and the home’s property rights were minted as an NFT on the blockchain as a digital representation of ownership over the physical real estate. (See our previous blogs about NFTs here and here). This is significant for many reasons and has the potential to significantly disrupt the way that the real estate industry has historically functioned. As mentioned below, while other real estate transactions have already occurred utilizing blockchain technology, this is the first US transaction where the ownership of the real estate asset was minted as an NFT and then sold on the blockchain.