Propy's NFT-tied Florida property sells for nearly $650,000

On February 8, Propy, a real estate blockchain startup, sold its first property in the United States.

Propy, a real estate blockchain company, sold its first property in the United States on February 8.
Image: Dezeen

After receiving 3000 potential buyers, the property in Florida was sold for $653,163 or 210 ETH. In a statement, Propy CEO Natalia Karayaneva stated, "This is only the first sale in our pipeline, and we're seeing a lot of demand."

The fact that the owner obtains a non-fungible tokens (NFTs) as digital proof-of-ownership as part of the contract attracted attention to the sale.

The condo was formerly owned by Leslie Alessandra, the founder of the crypto firm DeFi Limited, according to the Tampa Bay Times.

A condo in Florida will be sold under similar terms, among other assets.

Propy is a smart contract platform that works on the Ethereum blockchain. The acquisition is documented on-chain, and users can view papers proving ownership of the item.

In an interview with The Block, Karayaneva stated that Propy's objective is to scale this technology globally.

Propy facilitated the first-ever residential sale via NFT in Ukraine in 2021. The startup has also raised over $16 million in venture funding to date, with Tim Draper and Michael Arrington among its backers.