 |
| Tezos/Unsplash |
Let's get this straightened out. JPEGs of sushi and monkeys aren't the only things being sold as non fungible tokens (NFT).
A house in Tampa Bay, Florida, is being auctioned off as an NFT as you read this, in what is claimed to be the first American real estate NFT transaction. FYI, bidding for the house starts at USD650,000 in ether.
But, But, But… How Does It Work?
For the transaction to happen, the NFT will effectively replace the house’s deed by representing a limited liability company (Llc - is the US-specific form of a private limited company) that owns the property rights.
So, the winning bidder walks away with an NFT of a company that owns the house.
😃 - CAs reading this.
Has It Happened Before?
Yes. The sale is being handled by proptech company Propy, and would be its second NFT real estate transaction. In 2021, Propy sold an apartment owned by TechCrunch founder Michael Arrington in Ukraine, as an NFT.