Propy launches NFT platform in the US, allowing real-world property to be bought as an NFT

We covered how Propy planned to use the technology to smooth real-world real estate sales by introducing the concept of smart contracts. The NFT was used to rubber stamp the legal process when it sold the apartment. However, it was in Ukraine. The whole concept in the US is a kettle of legal fish.

It is extending the process further by launching real-estate-backed NFTs in the United States, working on the technological and legal framework to turn real estate properties into NFTs.

The technology will be marketed to owners and brokers, with Propy auctioning two residential properties located in Florida on February 8th as part of a real estate NFTing service.

Propy says the record of the purchase is placed on the tHe tHe tHe tHe tHe tHe tHe tHe tHe tHe tHe tHe tHe tHe tHe The buying process is made simpler by letting buyers buy a property in a few minutes. The plan is to scale this offering globally to provide a single framework for purchasing real estate using the technology.

If successful, the buyers will get a Florida-based investment property, owning own a US based entity that owns the property, the ownership rights of which are associated with an NFT. It is a Defi asset that can be borrowed against.

Natalia Karayaneva, the CEO of Propy, said that they have developed all the necessary smart contracts and a compatible legal framework that allows tokenizing any real estate property in the United States. Real-world assets will soon represent a significant portion of the market as NFT sales reach $4 billion.

Propy sold an apartment in Ukraine. It has raised over $16 million in venture capital and is backed by some of the biggest names in technology.

Vermont and Arizona have passed legislation that allows smart contracts to be legally used.

Propy has a few competitors. RealT is a platform that allows investors to invest in the US real estate market through a token-based network. SafeWire addresses the wire fraud challenges that real estate firms, agents, clients and industries face due to hacker intervention.