Often non-fungible tokens (NFT) are associated with ownership in the virtual world, but Propy introduces a new era in which you can own a home through the purchase of an NFT.
Propy (PRO) is a crypto project that focuses on the integration of blockchain technology with the real estate sector to facilitate the real -world home buying process.
This step is said to be much faster, easier, and safer because it is supported by a decentralized blockchain.
To better understand, every home listed under Propy will be sold as NFT. Unlike the metaverse, you can actually settle in the house.
Token Propy (PRO) jumped over 425% from its lowest level, $ 1.12 on Jan. 12 to $ 5.85 on Jan. 14.
Three factors led to the spike in asset prices:
Coinbase
PRO Coins was officially listed on the crypto exchange, Coinbase on January 14th.
Prior to being listed on Coinbase, PRO was already on several platforms: Huobi Global, Bitrue, and Uniswap.
The first real estate NFT in the United States (US)
The sale of this property first took place in Florida, and subsequently in Miami.
However, the first record sales actually happened in 2017:
TechCrunch founder Michael Arrington has sold his apartment for 36 ETH.
The pressure of the popularity of NFT and blockchain
Most investors are starting to focus on safer places to store their assets including properties that are synonymous with ‘safe havens’.
Of course no intermediary makes NFT more unique, including much lower transaction costs (home buying and selling processing).
