CoinEx | The World’s First Real Estate NFT Auction: How Propy Combines NFT with Real Estate
As the first year of the NFT boom, 2021 witnessed the continued emergence of all kinds of NFT projects. Under strong market excitement, it seemed like everything can be turned into NFT, and the NFT market has also become a lot more pluralistic. In the early days, most discussions about the value of NFTs in the crypto community centered on a game called CryptoKitties, a standard-setting NFT project.
Today’s NFT market, however, is no longer all about one project. As NFT’s influence reaches non-crypto users, an increasing number of new projects and records have been created. Amidst the NFT boom last year, one project impressed crypto investors with remarkable performance — Propy, a marketplace that combines NFT with real estate.
Over recent years, the combination of NFTs with housing/corporate contracts has remained a heated topic in the blockchain community, and the concept finally reached more investors in 2021 when the NFT sector flourished across the board and achieved exponential growth in transaction volume. At the moment, investors are not only drawn by the practicality of the NFT technology. They are also looking for a safe store of value against the increasingly sluggish financial systems around the world. Meanwhile, real estate has long been one of the major investment choices.
According to its official website, Propy is the world’s first international real-estate marketplace. It facilitates connections between international entities to enable the seamless purchase of international real-estate online for the first time. Propy says that its mission is to solve the problems of purchasing property across borders and enable faster, easier, and safer real estate transactions by creating an all-new, unified property store and asset transfer platform for the global real estate industry. It plans to create a world where real estate transactions are “self-driving” and realtors are empowered by technology.
Graduated from Oxford University, Natalia Karayaneva, Propy’s CEO, is a software engineer and a real estate developer. With 12 years of experience in investment, she has built three companies.
Powered by smart contracts, Propy tracks, manages, and executes real-estate transactions according to regional regulations to enable more efficient deals. By using the Ethereum smart contracts, the platform allows brokers, buyers, sellers, and title agents/notaries to sign off on transactions using private keys within their existing legal frameworks and manage the relevant documents through compliance review and security assessment. Moreover, Propy also provides customization features to meet special business demands.
The Propy Registry will directly mirror official land registry records in which transfers of real estate are recorded. Propy’s vision is that jurisdictions will adopt the Propy Registry as their official ledger of record so that the transfer of a property on the Propy Registry constitutes the legal transfer of the property and the legal registration of that transfer.
PRO, the platform-based token of Propy, is used to unlock smart contracts for ownership transfers in the Propy Registry. On Propy, using PRO tokens simplifies operations and makes the platform more user-friendly.
In June 2021, Propy closed the world’s first NFT property auction, where Devon Bernard, an engineer from San Francisco, bought an apartment NFT in Kyiv, Ukraine at a price of 36 ETH and acquired the ownership of the house. The apartment, which was the first property to be sold using blockchain technology back in 2017, was owned by Michael Arrington, founder of TechCrunch and Arrington XRP Capital. Michael decided to sell the apartment as an NFT to further showcase the power of blockchain technology to innovate the real estate industry. Additionally, Michael is also an advisor to the Propy team.
To date, Propy has facilitated title transfers on more than 1,000 properties via the Ethereum blockchain that are worth $1 billion in total, and the number is still going up. Now listed on crypto trading platforms that include Coinbase, CoinEx, and Bitrue, PRO has also done very well in secondary markets over the recent period. In an environment where the NFT boom continues, Propy, the world’s first NFT+real estate platform, has tremendous potential yet to be unleashed.