By Nathan Ferguson
A Spanish-themed property will be sold through an online auction starting at $650,000. The respective auction will be hosted on the behalf of Propy (a Palo Alto-based tech company dealing with real estate), which will be responsible for minting an NFT of the property rights. In 2021, a Kyiv-based apartment of Michael Arrington (the founder of TechCrunch) was sold over Propy as a non-fungible token. The latest instance proves to be a significant advancement pointing towards the utilization of NFTs for transactions based on the real world.
NFT rather than the physical deed
The present owner of the respective property – Leslie Alessandra – is additionally a native investor in the field of real estate along with having a status of being the founder of DeFi Unlimited (a Tampa Bay-based firm). She stated that she planned to list the home in the form of an NFT to indicate the evolving technology’s utilization. In this matter, the digital rights over the property would be represented as NFT, like the physical operations. In the terms of recording, the respective NFT will play the role of the legal LLC, permitting for the property rights of Gulfport as well as the protection of the property’s ownership documents.
The legal perspective
As per Alessandra, after the documents’ minting as the NFT, the Gulfport home’s property rights will additionally have artwork from a native artist linked to it, serving as an extra NFT. Derek Donnelly – a.k.a. Saint Pete – will construct an indoor artwork over one among the exposed walls of the property as included in the auction. Any property purchase must be maintained in the country’s records to lawfully transfer the rights of ownership.
To do this, the construction of a legal institution is inevitable to transfer any property, providing the system through which the applicability and visibility of NFTs could be taken into account. Of course, there is a requirement for the legal system to evolve rapidly to incorporate metaverse and Web3, which includes fintech like NFTs and cryptocurrency. In Alessandra’s words, it is special to become the earliest.
She added that the respective move resembles having the initial computer with a non-stop internet connection. However, she mentioned, she expects that a person who promotes NFTs and blockchain will be the owner and this would represent the future.